S. Korea's rice farmers' net income rises 13 pct in 2023

Net profit by rice farmers rose for the first time in two years in 2023 on increasing prices of the staple grain, data showed Thursday.

Rice farmers' net income gained 12.7 percent on-year to 358,000 won (US$265.15) per 1,000-square-meter paddy last year, according to the data compiled by Statistics Korea.

They posted the largest net profit in decades in 2021 of 502,000 won thanks to favorable weather conditions, but the profit fell to 317,000 won in 2022 before bouncing back again last year, Yonhap reported.

Last year's growth came as rice farmers' gross income expanded at a faster pace than production costs after the government adjusted the rice supply to stabilize rice prices.

The gross income of the farmers stood at 1.23 million won per 1,000-square-meter paddy last year, up 5.2 percent from the previous year.

The cost of cultivating rice on a 1,000-square-meter paddy went up 2.4 percent on-year to about 875,000 won, the data showed.

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.