Chungnam Region Farm Income Ranks 3rd Nationwide... Climbs 4 Spots in 2 Years

[Asia Economy (Naepo) Reporter Jeong Il-woong] Last year, the average farm household income in the Chungnam region was ranked third highest nationwide. This is a rise of four ranks compared to 2017.

According to Chungnam Province and Statistics Korea (2019 Farm Household Economy Survey) on the 4th, the national average farm household income last year was recorded at 41.18 million KRW. Among this, the average income of farm households in the Chungnam region was 44.01 million KRW, which was higher than the national average.

In particular, Chungnam showed that farm household income was higher than farm household debt, indicating relatively favorable management conditions for farm households.

In terms of average farm household income by region last year, Chungnam showed a 1.2% increase compared to the previous year, ranking third in growth rate following Gyeonggi-do at 4.3% and Gangwon-do at 3.2%. On the other hand, the national average farm household income decreased by 2.1% compared to 2018.

Regarding farm household debt, Chungnam recorded a debt of 35.35 million KRW last year, which was lower than the national average debt of 35.71 million KRW. In the Chungnam region, the income scale was higher than the debt scale.

Above all, Chungnam ranked second with 40.84 million KRW in total agricultural income, following Jeju (52.01 million KRW). Total agricultural income is the total revenue obtained from agricultural management results and is a pure agricultural management activity indicator that can confirm the competitiveness of farm households in the province.

A provincial official stated, “The province’s farm household income ranking, which was 7th nationwide in 2017, rose to 3rd nationwide in just two years,” and added, “Considering the farm household debt, an indicator of financial soundness, and total agricultural income, an indicator of pure agricultural performance, the competitiveness and achievements of farm households in the province’s farm economy sector are at a very favorable level.”

Meanwhile, the Farm Household Economy Survey is conducted on 3,000 sample farm households nationwide that sell more than 1.2 million KRW worth of agricultural and livestock products annually and directly cultivate more than 1,000㎡, with 337 farm households included in the province.

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