Last Year, Average Farm Household Income 41.18 Million KRW and Fishing Household Income 48.42 Million KRW... Both Decreased

Statistics Korea, 2019 Farm and Fishery Household Economic Survey Results

Average Income and Household Expenditure of Farms.

[Sejong=Asia Economy Reporter Joo Sang-don] Last year, the average income of both farm and fishery households decreased. Meanwhile, average household expenditures increased, leading to a rise in farm and fishery household debt.

According to the "2019 Farm and Fishery Household Economic Survey Results" announced by Statistics Korea on the 28th, the average income of farm households was 41.18 million KRW, a 2.1% decrease compared to the previous year.

Agricultural income decreased by 20.6% year-on-year due to a 5.9% increase in agricultural management expenses and a 3.7% decrease in total agricultural revenue. Non-agricultural income saw a 2.2% increase year-on-year, with business income outside agriculture decreasing by 0.5% while secondary income increased by 8.0%. Average household expenditures rose by 4.5% year-on-year to 35.34 million KRW.

Transfer income increased by 13.5% (1.34 million KRW) from 9.89 million KRW in 2018 to 11.23 million KRW in 2019, due to a 14.1% increase in public subsidies and a 5.1% increase in private subsidies.

As of the end of 2019, the average assets of farm households were 529.46 million KRW, a 6.8% increase compared to the previous year. Average liabilities increased by 7.4% to 35.72 million KRW.

The average income of fishery households in 2019 was 48.42 million KRW, also decreasing by 6.6% year-on-year, while average household expenditures increased by 2.3% to 32.10 million KRW. The average assets of fishery households rose by 5.2% to 456.70 million KRW, and average liabilities increased by 4.1% to 63.49 million KRW.

This content was produced with the assistance of AI translation services.