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Rice farmers' net income hits 20-year high in 2021

All News 12:01 March 30, 2022

SEJONG, March 30 (Yonhap) -- Rice farmers in South Korea posted the largest net profit in 20 years in 2021 thanks mainly to favorable weather conditions, data showed Wednesday.

Rice farmers' net income reached some 502,000 won (US$414.2) per 1,000-square-meter paddy last year, up 13.4 percent from a year earlier, according to the data compiled by Statistics Korea.

The amount represents the highest net profit from rice cultivation since the 511,600 won recorded in 2001.

The statistics agency said local farmers' net income rose sharply in 2021, as their gross income expanded at a faster pace than production costs on the back of good weather.

The gross income of rice farmers stood at 1.29 million won per 1,000-square-meter paddy last year, up 6.4 percent from the previous year. The cost of cultivating rice on a 1,000-square-meter paddy gained 2.4 percent on-year to about 792,300 won.

Local farmers produced 530 kilograms of rice per 1,000-square-meter paddy last year, up 9.7 percent from a year earlier, according to the data.

Rice is a key staple food for Koreans, but its consumption has been on a steady decline in recent decades due mainly to changes in diet and eating habits.

Rice farmers' net income hits 20-year high in 2021 - 1


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