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KREI’s 2019 Agricultural Outlook Conference
1722
Writer KREI
Date 2019.01.25

KREI’s 2019 Agricultural Outlook Conference
“Farm Household Income to Exceed KRW 40 Million, People Employed in Agriculture, Forestry, Fisheries to Continue Increasing in 2019”

The Korea Rural Economic Institute (KREI, President Kim Changgil) on Jan. 23 held the 2019 Agricultural Outlook Conference on the theme of the “Value, Opportunities and Future of Agriculture and Rural Communities” at the Lotte Hotel, Jamsil, Seoul. Approximately 1,700 people from across the nation attended the event.

In the conference, KREI presented the outlook for this year’s prices, supply and demand of major agricultural, forest and livestock products, drawing many participants’ attention.

KREI forecasted that in 2019 the agricultural production value would decrease by 1.5% from last year to KRW 49 trillion 442 billion, and farm household income would increase by 1.1% year-on-year to KRW 40.06 million.

While the decline in the farm household population is expected to continue in 2019, the number of people employed in agriculture, forestry and fisheries will grow. The farm household population will fall by 1.7% from the previous year to 2.34 million people, and the number of farm households by 1.4% to 1.01 million households.

In 2019, the farm input price index is forecasted to grow from last year, while the price index of farm products received by farmers is expected to decline. The farm input price will rise by 0.5% year-on-year due to the increase in managing costs, while the price of farm products received by farmers will decrease by 2.3% from the previous year owing to the fall in the prices of grains and livestock products.

Cultivation acreage and cultivated area are forecasted to continue declining this year too. Cultivation acreage will decrease by 0.8% year-on-year to 1.59 million ha, and cultivated area by 0.9% to 1.62 million ha. The cultivation acreage per farm household member is expected to reach 67.9 a in 2019, up 0.8% from last year.

The number of livestock in 2019 is forecasted to rise by 2.4% year-on-year to 192 million head.

In 2019, although the imports of agricultural and livestock products will grow from 2018, the increment in the exports of the products will be bigger. The imports of agricultural and livestock products are expected to grow by 0.6% from the previous year to 27.58 billion dollars, and the exports by 2.2% to 6.55 billion dollars. The expansion of the increment in the exports will lead to the trade deficit similar to last year’s level.

Due to dietary changes, the medium- and long-term consumption of meat and imported fruits is forecasted to grow by 1.3% and 2.2% respectively on annual average. On the other hand, the consumption of grains and vegetables will fall by 0.7% and 0.9% respectively.

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