The average income of households engaged in farming and fishing rose in 2014 on higher market prices for goods, a government report showed Friday.
The income of farming households averaged 34.95 million won ($32,400) last year, up 1.2 percent from the year before, the report by Statistics Korea said. Earnings for fisherman stood at 41.01 million won, or a gain of 6.3 percent.
Farmers earned less from selling their crops, but made up for the loss thanks to the higher prices of livestock, which advanced 2.7 percent on-year.
Farming households reported receiving more transfer and non-current earnings than the year before. Non-current income refers to inheritances or bonuses, while transfer income is linked to government subsidies given to many farmers.
Spending by farming households edged up 1 percent to 30.55 million won.
For households engaged in commercial fishing, higher product prices and aquafarming played a key part in bolstering earnings.
Fish prices rose 13.2 percent on-year.
These households also reported more transfer and non-current earnings, although earnings generated by fisheries processing backtracked. Fishing households reported average spending of 28.23 million won, a gain of 0.7 percent on-year.
The report also showed farming households’ assets averaged 431.82 million won last year, up 7.8 percent from the year before, with debt edging up 1.9 percent to 27.87 million won.
For fishing households, average assets stood at 315.8 million won, a gain of 5.8 percent from the year before. Debt held by such households increased 2.4 percent on-year to 41.4 million won, according to the report. (Yonhap)
