The rising demand for Korean seaweed and higher prices led to a more than 16% increase in fishing household income last year. In contrast, average agricultural income saw negative growth. The impact of deaths among pigs and chickens due to heat waves and floods led to a decrease in livestock income.
According to the ‘2024 Agricultural and Fishery Economic Survey Results’ released by the Korea National Statistical Office on the 23rd, the average annual income of agricultural households last year was 50,597,000 won, a 0.5% decrease from the previous year.
By item, income from agriculture decreased by 14.1% to 9,576,000 won compared to the previous year. Income from non-agricultural sources increased by 0.7% to 20,147,000 won during the same period, while transfer income from subsidies rose by 6.1% to 18,240,000 won, and non-regular income grew by 5.5% to 2,634,000 won.
Income from agriculture was significantly affected by the decrease in livestock income. An official from the Korea National Statistical Office noted, “The deaths of pigs and chickens due to heat waves and floods had an impact,” adding, “The livestock farmers are aging, and there are no successors, leading to unfavorable conditions.”
As of the end of last year, the average asset of agricultural households was 616,180,000 won, an increase of 1.3% from the previous year. Average liabilities rose by 8.3% during the same period to 45,010,000 won, while their average household expenditure increased by 3.6% to 39,310,000 won.
Last year, the average income of fishery households recorded 63,652,000 won, a 16.2% increase from the end of the previous year. This was due to an increase in income from fisheries, non-fishery income, transfer income, and non-regular income.
Income from fisheries increased by 30.2% to 27,885,000 won compared to the previous year, while non-fishery income rose by 5% to 15,362,000 won. During this period, transfer income and non-regular income increased by 8.5% and 11.6%, respectively, to 17,566,000 won and 2,839,000 won.
Income from fisheries primarily increased due to seaweed farming. The popularity of Korean seaweed overseas helped it establish itself as a representative export item, being dubbed the ‘black semiconductor.’ An official from the Korea National Statistical Office explained, “As aquaculture imports increased, fishery income rose,” adding, “Most of the aquaculture is seaweed.”
The average asset of fishery households was 533,860,000 won, marking a 3.8% increase compared to the previous year. During this period, average liabilities increased by 6.5% to 70,820,000 won. The average household expenditure of fishery households grew by 5.7% to 35,820,000 won.