Korea's rice production costs down for 3 straight yrs in 2016

Published : Mar 29, 2017 - 12:10 Updated : Mar 29, 2017 - 12:10

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Rice production costs in South Korea fell for three straight years in 2016 due to a decline in land-borrowing expenses, a government report showed Wednesday.

Farmers spent 674,340 won ($605) to grow rice on a 1,000-square meter paddy last year, down 2.5 percent from the previous year's 691,869 won, according to the report by Statistics Korea.

(Yonhap)

Total costs, including the ones to buy fertilizer and pesticides, inched up 0.8 percent on-year to 440,821 won, but the rise was offset by a fall in land-borrowing costs and other indirect expenses, which dropped 8.3 percent to 233,519 won over the cited period.

The gross income of rice farmers came to 856,165 won per 1,000-square meter of paddy last year, down 13.9 percent from a year earlier due mainly to a sharp decrease in rice prices, the report showed. (Yonhap)