Developing Countries Will Lead Global Rice Import Growth in 2013-22, Says USDA Rice growers positive California MG prices are UP Russia MG Harvest coming to end Egypt open rice exports Vietnam’s rice export in tough competition with India Thai rice exports in May Rise Above Target This Year Viet-Nam Rice exports likely to fall this year
Australia Medium Grain Rice #1 $ N/A    Egypt 101 #2 $760    Egypt 178 #2 Rice $730    EU Prices Baldo €660    EU Prices LG-A Ariete 5% €550    EU Prices MG Lotto 5% €500    EU Prices RG Balilla 5% €500    Russia Rapan $ 700    USA Jupiter Paddy $375    USA Calrose #1 Paddy $480    USA Jupiter Rice $630    USA Calrose #1 $830   

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Economy
Economy - overview: As one of the Four Tigers of East Asia, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Three decades ago GDP per capita was comparable with levels in the poorer countries of Africa and Asia. Today its GDP per capita is roughly 20 times North Korea's and equal to the lesser economies of the European Union. This success through the late 1980s was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. Growth plunged by 6.6% in 1998, then strongly recovered to 10.8% in 1999 and 9.2% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 6.2%, despite anemic global growth.
GDP: purchasing power parity - $931 billion (2002 est.)
GDP - real growth rate: 6.2% (2002 est.)
GDP - per capita: purchasing power parity - $19,400 (2002 est.)
GDP - composition by sector: agriculture: 4.4% industry: 41.6% services: 54% (2002 est.)
Population below poverty line: 4% (2001 est.)
Household income or consumption by percentage share: lowest 10%: 2.6% highest 10%: 24.8% (1998 est.)
Distribution of family income - Gini index: 31.6 (1993)
Inflation rate (consumer prices): 2.8% (2002 est.)
Labor force: 22 million (2001)
Labor force - by occupation: services 69%, industry 21.5%, agriculture 9.5% (2001)
Unemployment rate: 3.1% (2002 est.)
Budget: revenues: $118.1 billion expenditures: $95.7 billion, including capital expenditures of $22.6 billion (2000)
Industries: electronics, automobile production, chemicals, shipbuilding, steel, textiles, clothing, footwear, food processing
Industrial production growth rate: 6.5% (2002 est.)
Electricity - production: 290.7 billion kWh (2001)
Electricity - production by source: fossil fuel: 62.4% hydro: 0.8% other: 0.2% (2001) nuclear: 36.6%
Electricity - consumption: 270.3 billion kWh (2001)
Electricity - exports: 0 kWh (2001)
Electricity - imports: 0 kWh (2001)
Oil - production: 0 bbl/day (2001 est.)
Oil - consumption: 2.14 million bbl/day (2001 est.)
Oil - exports: 804,700 bbl/day (2001)
Oil - imports: 2.965 million bbl/day (2001)
Agriculture - products: rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish
Exports: $162.6 billion f.o.b. (2002 est.)
Exports - commodities: electronic products, machinery and equipment, motor vehicles, steel, ships; textiles, clothing, footwear; fish
Exports - partners: US 20.2%, China 14.6%, Japan 9.3%, Hong Kong 6.2%, Taiwan 4.1% (2002)
Imports: $148.4 billion f.o.b. (2002 est.)
Imports - commodities: machinery, electronics and electronic equipment, oil, steel, transport equipment, textiles, organic chemicals, grains
Imports - partners: Japan 19.5%, US 14.9%, China 10.9%, Saudi Arabia 5.0%, Australia 3.9% (2002)
Debt - external: $135.2 billion (2001)
Currency: South Korean won (KRW)
Currency code: KRW
Exchange rates: South Korean won per US dollar - 1,251.09 (2002), 1,290.99 (2001), 1,130.96 (2000), 1,188.82 (1999), 1,401.44 (1998)
Fiscal year: calendar year
International organization participation:
AfDB, APEC, ARF (dialogue partner), AsDB, ASEAN (dialogue partner), Australia Group, BIS, CP, EBRD, ESCAP, FAO, IAEA, IBRD, ICAO, ICC, ICCt, ICFTU, ICRM, IDA, IEA, IEA (observer), IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, ISO, ITU, MINURSO, NAM (guest), NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), PCA, UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNMISET, UNMOGIP, UNOMIG, UNU, UPU, WCL, WCO, WHO, WIPO, WMO, WToO, WTrO, ZC
Transportation
Railways: total: 3,125 km standard gauge: 3,125 km 1.435-m gauge (661 km electrified) (2002)
Highways: total: 87,534 km paved: 65,388 km (including 1,996 km of expressways) unpaved: 22,146 km (1999)
Waterways: 1,609 km note: restricted to small native craft
Pipelines: petroleum products 455 km; note - additionally, there is a parallel petroleum, oils, and lubricants (POL) pipeline being completed
Ports and harbors: Chinhae, Inch'on, Kunsan, Masan, Mokp'o, P'ohang, Pusan, Tonghae-hang, Ulsan, Yosu
Merchant marine: total: 541 ships (1,000 GRT or over) 6,490,521 GRT/10,602,751 DWT note: includes some foreign-owned ships registered here as a flag of convenience: Australia 1, Bulgaria 1, China 1, Greece 1, Japan 1, Malaysia 1, Norway 1, Panama 1, Saint Vincent and the Grenadines 1, UK 1 (2002 est.) ships by type: bulk 114, cargo 174, chemical tanker 63, combination bulk 9, container 52, liquefied gas 17, passenger 3, petroleum tanker 69, refrigerated cargo 21, roll on/roll off 6, short-sea passenger 2, specialized tanker 6, vehicle carrier 5
Airports: 102 (2002)
Airports - with paved runways: total: 69 over 3,047 m: 3 2,438 to 3,047 m: 18 914 to 1,523 m: 11 under 914 m: 21 (2002) 1,524 to 2,437 m: 16
Airports - with unpaved runways: total: 33 914 to 1,523 m: 2 under 914 m: 31 (2002)
Heliports: 204 (2002)
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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