Download "How the war in Ukraine is raising food prices in S. Korea"

우크라이나 사태 나비효과: 세계 반대편 전쟁이 우리나라 밥상 물가에 끼치는 영향은? The prolonged war in Ukraine is causing a butterfly effect and straining the global economy. Here in South Korea, consumers are feeling the impact in soaring food prices. Shin Ye-eun explains how this conflict would serve as a wake-up call for trade-dependent countries. "Visits to supermarkets here in South Korea are becoming more and more expensive. Because of the war in Ukraine, wheat import prices have reached an all-time high in 13 years. Though Ukraine isn't the biggest wheat supplier to Korea, it has a great impact on the market as one of the world's biggest grain producers. That's why wheat-based products like bread and noodles have seen prices soar." Korean shoppers say they're feeling the impact of these higher prices. "Food prices doubled. That's why I hesitate before buying any products." "I drive to work every day, and have seen gasoline prices go up significantly. . It's tough because my salary is still the same, but I have to spend more." Even though South Korea doesn't heavily rely on Ukraine for its wheat imports...or Russia for its gasoline...its economy still wavers when these giant suppliers are cut off from the global market. Because it has to share a smaller pie with other countries. This is a butterfly effect. In other words, global events affect Korea, as it has one of the highest trade dependency rates in the world. As of 2020, trade made up 69 percent of Korea's whole GDP. South Korea's food security is at high risk during times of geopolitical uncertainty, as the country has the lowest food self-sufficiency rate among all OECD countries. South Korea only produces a little over 45 percent of its own food... and only 20 percent of its own grain. This figure is much lower than countries like Canada and the U.S....each with self-sufficiency rates for grain surpassing 100 percent. A rural economics expert said South Korea needs to solve this matter quickly. "There may be a day when there aren't any grains available for import due to worsening climate change. In the future we might be fighting for food. South Korea needs to be prepared." That's why the National Institute of Crop Science is trying its best to increase the country's grain self sufficiency. "South Korea is losing more control over its food security since more people are eating wheat-based products instead of just rice. While the average Korean eats 33 kilograms of wheat every year, the country's wheat self-sufficiency rate is under 1 percent." By 2030... South Korea aims to raise its wheat self-sufficiency rate from 1 percent to 10 percent. To do this, the National Institute of Crop Science formed a wheat research team in 2018... specializing in finding ways to distribute homegrown wheat across the country. "Our priority is quality over quantity. We want companies and consumers to look for Korean wheat, even though it may be pricier because it has a premium value. So, we're inventing technology that can make our homegrown wheat more nutritious and not cause any allergies. We're also developing speed breeding technology so it takes a shorter amount of time to actually produce it." "As a trade-dependent country, South Korea and its citizens feel the impact of what happens elsewhere in the world. But South Korea is still looking for ways to boost its self-sufficiency, whether it's by producing its own wheat or implementing more policies. There are still some hurdles the country has to consider though, like who will be growing the wheat, given Korea's aging population. Shin Ye-eun, Arirang News." 📣 Arirang News(Facebook) : https://www.facebook.com/unsupportedbrowser 📣 Arirang News(Twitter) : https://twitter.com/arirangtvnews 📣 News Center(YouTube) : https://www.youtube.com/c/NEWSCENTER_ARIRANGTV 2022-05-06, 22:00 (KST)