Last Year, Farm Household Income Surpassed 50 Million Won for the First Time in History

Statistics Korea, Agricultural and Fishery Household Economy Survey

On the 17th, when the first case of African Swine Fever (ASF) in Korea occurred in Paju, Gyeonggi Province, access to the ASF-affected farm and its surroundings in Paju, Gyeonggi Province, was restricted.
Photo by Kang Jin-hyung, Paju aymsdream@

Last year, the average income of farming households exceeded 50 million won for the first time.

According to the "2023 Survey on the Economy of Farming and Fishing Households" released by Statistics Korea on the 24th, the average income of farming households last year was 50.828 million won, an increase of 10.1% compared to the previous year, surpassing 50 million won for the first time in history.

Farm household income consists of agricultural income, non-agricultural income, transfer income, and non-recurring income. Among farm household income, agricultural income earned from farming operations was 11.143 million won, up 17.5% from a year earlier.

The largest component of income, non-agricultural income, was 19.999 million won, an increase of 4.2% compared to the previous year. In addition, transfer income, which includes public support funds, increased by 12.7%, and non-recurring income rose by 12.4%.

The average household expenditure of farming households was 37.953 million won, up 6.3% from the previous year. As of the end of last year, farm household assets stood at 608.04 million won, down 1.4% from a year earlier, while liabilities increased by 18.7% to 41.58 million won.

Last year, the average income of fishing households was 54.779 million won, up 3.5% from the previous year. Among fishing household income, fishing income was 21.414 million won, an increase of 3.3% compared to the previous year.

The average household expenditure of fishing households last year was 33.892 million won, up 5.5%. As of the end of last year, assets stood at 514.27 million won, up 0.7% compared to a year earlier, while liabilities increased by 11.3% to 66.51 million won.

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