South Korea to release 183,000 tonnes of food ahead of Chuseok
The South Korean government plans to release a record 183,000 tonnes of essential food products ahead of the Chuseok holiday, which will last from September 24 to 27 this year. The measure is intended to help stabilize consumer prices and ease the price burden on shoppers during the holiday period.
As The Korea Herald reports, the country’s Ministry of Economy and Finance announced an increase in the supply of popular food products traditionally purchased for Chuseok. The holiday is compared to Thanksgiving and is accompanied by family gatherings and ancestral memorial rites.
Supplies of vegetables, meat and seafood
The state will supply 18,000 tonnes of vegetables, including napa cabbage and radishes, as well as 32,000 tonnes of fruit — apples and pears. A total of 90,000 tonnes of beef and pork and 17,000 tonnes of chicken will also be released onto the market.
In addition, 20,000 tonnes of six popular types of seafood, including mackerel, pollock and squid, will be sold from state reserves. They will be offered at prices that may be up to 40% lower than market prices.
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Discounts and other measures
The government will allocate 103 billion won, or $75.2 million, for discount promotions in offline and online stores. Starting Thursday, shoppers will be offered discounts of up to 40% on agricultural and livestock products, including apples, pears and beef. From September 9, discounts on essential seafood products will reach 50%.
From September 16 to 20, shoppers will be able to receive a refund of approximately 30% of their purchase value, capped at 20,000 won in the form of gift certificates. The program will operate at 300 traditional markets for agricultural and livestock products, as well as at 300 seafood markets.
Also, from September 24 to 27, highway tolls will be waived and a 10% discount on KTX train tickets will be provided. Companies with fewer than 30 employees will be allowed to defer payments for employment and industrial accident insurance contributions. Small business owners will be able to pay electricity bills in installments over six months and gas bills over four months.
