Output by Korea's farming and livestock industries is expected to gain 3.7 percent this year on increased prices of vegetables, rice and fruits, a report showed on Sunday.
Total production by the farming and livestock industries is expected to reach about 46.65 trillion won ($40.55 billion) this year, according to the report by the Korea Rural Economic Institute (KREI).
The farming industry is expected to produce goods worth 28.62 trillion won this year, up 6.2 percent from a year earlier, while the livestock sector's production is forecast to see a 0.1 percent decline to reach 18.03 trillion won, the institute said.
The report also forecast that overall income for the farming and livestock industries would gain 2.4 percent to reach 10.43 trillion won this year.
The farming industry is expected to earn 8.64 trillion won this year, up 7.9 percent.
But the livestock sector is likely to see a drop of 18 percent in its annual income for the year to reach 1.79 trillion won. The report said the sharp drop in the sector was attributable to increased production costs and decreased prices.
The institute said the livestock industry's production costs are to reach 16.24 trillion won this year, compared with last year's 15.87 trillion won. (Yonhap)