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Farm household income is expected to increase to 34.2 million won in 2011, a 0.9% rise from previous year. Non-farm income is expected to increase by 6.8% to 14.03 million won, and transfer income (irregular income included) is forecast to increase by 1.7% to 9.51 million won.
The original texts of agricultural outlook reports for 2011 can be seen at the website (www.krei.re.kr) of Korea Rural Economic Institute and the website of the Agricultural Outlook and Information Center (aglook.krei.re.kr). In the meantime, the agricultural outlook forum for this year was cancelled due to big concerns over the spread of foot and mouth disease and avian influenza.
According to the reports, agricultural output in 2011 is projected to increase by 2.9 percent from the previous year to 44.988 trillion won, with crop cultivation and livestock output increasing by 3.1% and 2.6% respectively. Rice production is forecast to increase by 5.9% to 7.542 trillion won, and vegetable production is projected to drop 2.2%. Production of spring Chinese cabbage, cabbage, and onion is projected to increase, whereas production of radish, carrots, garlic and peppers is projected to decrease in production value. In the case of Korean beef and broilers, production is expected to increase by 9.7% and 2.5% respectively. In the case of dairy products, production is forecast to decline 11.3% from the previous year.
The value added of the whole agricultural industry (excluding services) is forecast to fall by 3.4% to 21.565 trillion won due to overall price increase of intermediate goods. The value added of crop cultivation is projected to increase by 0.3% to 19.372 trillion won, whereas the value added of the livestock industry is projected to fall by 27.2% to 2.193 trillion won. In the medium and long term, the value added of crop cultivation is expected to show a continued decline, whereas the value added of the livestock industry is expected to make a turnaround in 2016 and show an increasing trend afterward.
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