Farm profitability ‘partially improved’ due to rising fruit and vegetable prices

Fruit products up 31.8% year-on-year Vegetable product prices up 7% Material costs down from the previous year Farm trade conditions index up 6.8% Last year, the farm sales price index rose compared to the previous year, while the farm purchase price index fell, showing some improvement in farm profitability. On January 23, Statistics Korea announced the results of the ‘2024 Farm Sales and Purchase Prices’ survey. According to this, the farm sales price index for 2024, based on 2020 as 100, was 115.7. It increased by 6.5% compared to 108.7 the previous year. The farm sales price index is the price index of 75 items, including agricultural and livestock products produced through agricultural management activities. The increase in the farm sales price index was driven by fruits and vegetables. In particular, fruit items such as pears, tangerines, and apples, whose prices rose due to supply shortages last year, rose 31.8% year-on-year, and vegetable items such as leafy vegetables ...