Government adds 10,000 tons to soybean sprout TRQ to head off supply crunch

The government will expand the tariff-rate quota for soybeans used to grow soybean sprouts by 10,000 tons to head off supply shortages and rising prices.

The government announced Monday that it will increase this year's market access volume for soybean sprout beans from 17,450 tons to 27,450 tons. The additional volume will apply to imports arriving through the end of the year, following a regulatory amendment set for August.

Late last year, the government began applying a preferential tariff of 5% — instead of the World Trade Organization bound rate of 487% — to 17,450 tons of soybean sprout beans to stabilize domestic supply and demand. After the original quota was exhausted by late June, the risk of a second-half supply shortage and price increases grew, prompting the Ministry of Agriculture, Food and Rural Affairs to coordinate an additional 10,000 tons.

The same 5% preferential tariff will apply to the additional volume. The government plans to complete a legislative notice of the proposed partial amendment to the market access volume rules by July 31, then proceed through a Ministry of Government Legislation review before implementing the measure in August.

The government said it will continue monitoring food prices and agricultural supply conditions, and will take preemptive action — including expanding market access volumes — for any items where price instability is anticipated.