By Yoon Ja-young
Staff Reporter
Farming households saw their average income decrease last year on rising expenses. It is the first fall in nine years since the Asian financial crisis in 1998. Their debt, meanwhile, surged.
According to the National Statistical Office, farming households made 31.97 million won on average last year, down 1 percent from 32.33 million won of the previous year. It had been rising steadily since 1998 when farmers had an income plunge by 12.7 percent.
The income drop has disadvantaged farmers the most compared with other households. Their annual income is 82.6 percent of the total average income of households nationwide. The ratio was 87.7 percent a year ago.
The statistical agency attributed it to rising farming costs, including fertilizer, labor and feed. Falling cattle prices are reducing farming household income
The farmers were also shouldering more debt. Farming households had 29.95 million won in debt on average last year, up 6.3 percent from the previous year.
Their assets _ including land, averaged 395.98 million won, growing 10.9 percent from a year ago. The growth was mostly due to rising land prices.
Farmers dedicated to floriculture came out on top, making 52.92 million won. Livestock farmers made 43.06 million won, and fruit farmers earned 32.98 million won.
Rice farmers earned the least at 24.14 million won. Over half the farmers in Korea are rice farmers.
Also, according to the statistical office, fishermen made 30.67 million won on average last year, up 2.2 percent from a year ago. They had 34.41 million won in debt on average, not much different from the previous year. Their assets averaged 226.19 million won, up 7.9 percent, thanks to rising land prices.