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Farmers, fishers see income boost on back of aggressive government spending

(Statistics Korea)
(Statistics Korea)
 
The average income for both farmers and fishers increased last year, government data showed, but the gain was mostly attributable to state emergency relief handouts aimed at propping up Korea’s pandemic-laden economy.

The average farm household earned 45 million won ($40,300) last year, up 9.3 percent from the previous year, according to data by the Statistics Korea released on Wednesday. It was a record high for the industry since the institution started compiling relevant statistics.

Much of the gain was from transfer income, which includes government subsidies. The combined transfer income for agricultural households shot up 27 percent, or some 3 million won, reaching 14.3 million won.

In the fishing industry, the average income earned was slightly higher, reaching 53.2 million won, up 9.9 percent on-year.

Similarly, the increase was backed by a 27.7 percent surge, or 3.1 million won, in combined transfer income. Most of the added income was from aggressive government spending which increased by 30 percent over the year.

Meanwhile, the average value of assets owned by farmers and fishers also expanded, reaching 565.6 million won and 503.2 million won, respectively.

The average household spending dropped in both industries. In the farming industry, the average household spending was 34.5 million won, down 2.4 percent from 2019. The figure was at 30.6 million won for households in the fishing industry, a 4.7 percent drop from the previous year.


By Kang Jae-eun (kang.jaeeun@heraldcorp.com)
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