Last year South Korea produced 4.32 million tons of rice, exceeding its earlier projection by 360,000 tons. The bumper crop has led to a fall in rice prices by 12.8 percent as of Feb. 15, compared to the same period during an average year.

The government is set to buy 157,000 tons next month to take them out of the market following its previous purchase of 200,000 tons of rice in October.

"Though we have made the inevitable decision to make an additional rice purchase, the government will continue to push for long-term measures such as keeping moderate rice production and encouraging the expansion of domestic consumption," said Agricultural Minister Lee Dong-phil during the meeting.

The government is also pushing to reduce the size of rice paddies by 10 percent in the long term to reduce an excess in crop harvests.

Last year, the government spent 81.2 billion won on keeping rice stocks in surplus at more than 4,100 storage facilities throughout the country.

South Korea used to send rice to aid North Korea when inter-Korean relations were on good terms.

Rice is a key staple food for both South and North Koreans.

South Korea last provided rice to North Korea in 2007, giving 151,000 tons of it when liberal President Roh Moo-hyun sought reconciliation with North Korea and met with then North Korean leader Kim Jong-il in Pyongyang in the second summit between the two Koreas.

"It is hard to pinpoint how much impact the delivery of rice to the North had in stabilizing rice prices back then," an official of the Ministry of Agriculture, Food and Rural Affairs said. The official asked not to be identified, citing policy. (Yonhap)