TOKYO (Kyodo) -- The Japanese government plans to increase the country's rice exports by nearly eight-fold to 350,000 tons, worth 92.2 billion yen ($623 million), in 2030 from 2024, according to a policy presented to a ruling party meeting Wednesday.

The plan to boost exports through improved production is also seen as a way to secure sufficient domestic supply of the Japanese staple to avoid shortages.

In its draft for a medium- to long-term basic plan for agriculture, the government kept intact its goal of raising the country's food self-sufficiency rate to 45 percent on a caloric intake basis by 2030 from 38 percent in fiscal 2022.

The figure refers to the ratio of domestically consumed food supplied by producers in the country.

The draft of the basic plan, revised roughly every five years, highlighted the need to enhance productivity in addition to expanding exports, noting that geopolitical risks and a decline in domestic farmers have destabilized food production and supply in the country.

The government aims to increase the total value of agricultural and food exports from 1.5 trillion yen in 2024 to 5 trillion yen in 2030, while boosting food-related spending by inbound tourists from 1.6 trillion yen to 4.5 trillion yen.

For rice production, the plan presented to the Liberal Democratic Party gathering aims to increase the number of farmers managing fields of 15 hectares or larger and reduce production costs from 11,350 yen to 9,500 yen per 60 kilograms to compete with cheaper imports.

Japan consumes approximately 6.6 million tons of rice a year, meaning the 350,000-ton export target would be equivalent to around half a month's domestic consumption.

While there is currently a domestic rice shortage, long-term demand is expected to decline due to Japan's shrinking population, making expanding exports a key focus.

Previous basic plans have used the food self-sufficiency rate as a key numerical target, but the latest one will feature several goals following the amendment to a related law last May. The government will seek Cabinet approval by the end of the month.