South Korea: Profitability deteriorates due to an increase in overall management costs for farms by livestock species

Published 2024년 6월 5일

Tridge summary

Statistics Korea's 2023 Livestock Product Production Cost Survey Results released on May 30 reveals a mixed picture for the livestock industry. While there was an overall increase in production costs for products like calf, broiler, finishing pig, milk, and eggs, the costs for Korean beef and beef cattle decreased slightly. Despite the slight decrease in production costs for Korean beef, net profits saw a significant drop. Conversely, net profit per cow in milk production saw a significant increase due to a rise in crude oil prices. However, the increase in production costs for pigs, eggs, and broilers led to a decrease in net income for farmers, with broiler net income decreasing by 38.8%.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Statistics Korea, 2023 livestock production cost survey results [Livestock News Reporter Seo Dong-hwi] Last year, as the overall cost of raising animals, including feed costs, increased, the overall production cost of livestock products such as milk, eggs, and chicken increased compared to the previous year, and the profit structure of most livestock farms was found to have worsened. According to the '2023 Livestock Product Production Cost Survey Results' announced by Statistics Korea on May 30, the livestock product production cost compared to the previous year was ▲calf (13.7%) ▲broiler (9.1%) ▲finishing pig (7.1%) ▲milk (4.6%) ▲eggs (3.3%). However, production costs for Korean beef and beef cattle decreased by 0.2% and 1.4%, respectively, compared to the previous year. The problem is that farm net income has decreased overall. For Korean beef, production costs decreased slightly, but net profits decreased. The production cost of Korean beef fattening decreased by ...

Source: Chuksannews