Decrease in Rice Production Costs Last Year... 28,942 Won per 20kg

Statistics Korea Announces 2021 Rice Paddy Production Cost Survey Results
Rice Farming Income Rate 60.7%... Up 0.6% Compared to Previous Year

On the 9th, showing early autumn weather, rice is ripening at the rice farming experience field in Olympic Park, Songpa-gu, Seoul. Photo by Moon Honam munonam@

[Asia Economy Sejong=Reporter Kwon Haeyoung] Last year, the production cost of rice per 20kg decreased by nearly 7%. Although the costs involved in rice farming increased, the rice yield also rose accordingly. As a result, the net profit margin of rice farming also improved.

According to the "2021 Rice Production Cost Survey" released by Statistics Korea on the 30th, the production cost of rice per 10a (1000㎡) last year was 792,265 KRW, an increase of 18,607 KRW (2.4%) compared to the previous year.

Statistics Korea explained that the increase in rice production costs last year was due to higher seedling and land service fees. The management cost per 10a was 508,375 KRW, up 23,853 KRW (4.9%) from the previous year. However, with rice yield per 10a increasing by 9.7%, the production cost per 20kg of rice decreased by 6.9% from the previous year's record high of 31,082 KRW since statistics began, to 28,942 KRW.

Although the costs of rice farming rose and the farm-gate price of rice slightly declined, the increase in rice yield led to improved profitability. The net profit from rice farming per 10a last year was 501,978 KRW, up 59,387 KRW (13.4%) from the previous year. The rice yield per 10a last year was 530kg, an increase of 47kg (9.7%) from the previous year, while the farm-gate price for 20kg rice in the fourth quarter last year was 53,535 KRW, down 1.1% from the previous year.

The net profit per 10a (total revenue minus production cost) was 501,978 KRW, an increase of 59,387 KRW (13.4%) from the previous year, and income (total revenue minus management cost) was 785,867 KRW, up 54,140 KRW (7.4%) from the previous year.

The income rate, calculated by dividing income by total revenue, was 60.7% last year, up 0.6 percentage points from the previous year.

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