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Gov't to double fisheries stockpile for price stabilization

All Headlines 11:00 April 09, 2013

SEOUL, April 9 (Yonhap) -- South Korea plans to more than double its stockpile of key fisheries products to help stabilize their prices, especially ahead of major traditional holidays, the government said Tuesday.

According to the Ministry of Oceans and Fisheries, the government will spend nearly 50 billion won (US$43.8 million) this year to double its own stockpile of fisheries products from 9,500 tons last year to 19,000 tons, or about 2 percent of total domestic consumption.

The number of fisheries products subject to storing will also increase from one to six as bay salt, a key ingredient in the country's traditional dish kimchi, was included in the list for the first time. The other products include pollack, cutlassfish and cuttlefish.

"The stored products will be released directly to the market to help stabilize prices especially during holiday seasons when prices become the most unstable," the ministry said in a press release.

The ministry said it will continue to expand its fisheries stockpile to about 5 percent of total consumption in 2015.


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