Debt owed by South Korea’s farming households increased for the second straight year in 2013, a report showed Thursday, suggesting that their livelihoods remain tough.
According to the report by Statistics Korea, the average amount of debt of farming households stood at 27.36 million won ($26,300) at the end of 2013, up 0.4 percent from the 27.26 million won tallied a year earlier. This followed a 4.7 percent on-year debt growth in 2012.
The farming-related debt declined 10.7 percent, but money borrowed for household care rose 10 percent from a year earlier. Debt from nonfarming business and other activities rose 11.4 percent, the data showed.
The average income of farming households rose 11.3 percent on-year to 34.52 million won in 2013. This followed a 2.9 percent gain in 2012.
