S. Korea's farming household income hits record high in 2023

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SEOUL, May 24 (Xinhua) -- South Korea's farming household income hit a record high last year due to higher prices for farm products, statistical office data showed Friday.

The annual average income of agricultural households grew 10.1 percent over the year to reach an all-time high of 50,828,000 won (37,100 U.S. dollars) in 2023, according to Statistics Korea.

Farming income from the sale of farm produce advanced 17.5 percent last year on higher prices for vegetables and fruits, while transfer income such as government subsidies increased 12.7 percent.

The average asset of farming households shrank 1.4 percent to 608,043,000 won (443,890 dollars), and their average debt expanded 18.7 percent to 41,581,000 won (30,350 dollars).

The annual average income of fishing households swelled 3.5 percent from a year earlier to 54,779,000 won (39,990 dollars) in 2023.

Fishing income rose 3.3 percent, while income from second jobs and other businesses surged 15.3 percent last year.

The average asset of fishing households added 0.7 percent to 514,271,000 won (375,430 dollars), while their average debt climbed 11.3 percent to 66,512,000 won (48,550 dollars). Enditem

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