Seoul: The average income of South Korea's farming households experienced a slight decline in 2024 from the previous year. This decrease was primarily attributed to a significant drop in earnings from the livestock sector, despite steady performance in the broader agricultural industry, as revealed by government data.
According to Yonhap News Agency, the average annual income of farming households amounted to 50.59 million won (US$36,680), marking a 0.5 percent decrease from the previous year's record high of 50.83 million won. This figure still represented the second consecutive year that the income surpassed 50 million won.
The report highlighted that the decline was mainly driven by an 11.2 percent year-on-year reduction in income from the livestock industry, which countered gains in crop production and other agricultural activities. Lee Jung-soo, an official at the agency, noted that prolonged extreme weather conditions, including the longest-lasting heat wave on record and unexpected heavy snowfall in November, severely impacted livestock farmers. The extreme heat led to significant livestock mortality.
Statistics Korea also reported that profits from selling products fell by 14.1 percent year-on-year to 95.7 million won. However, income from government subsidies and other transfer income increased by 6.1 percent, reaching 18.24 million won.
Additionally, the average assets of farming households rose 1.3 percent year-on-year to 616 million won, while their debt grew by 8.3 percent to 45 million won. In contrast, households engaged in fishing or fish farming saw their average income surge by 16.2 percent year-on-year to 63.65 million won last year.