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Gap between farmers, fishers widens as gim prices bolster ocean earnings

Published: 23 May. 2025, 17:01 Updated: 23 May. 2025, 17:47

Fishermen transport seaweed in Shinan County, South Jeolla, on Jan. 26, 2024. [NEWS1]

A surge in dried seaweed, or gim, prices last year propelled the average income of Korea’s fishing households to an all-time high, while farming households saw a decline in earnings, widening the income gap between the two sectors.

According to Statistics Korea's “2024 Agriculture and Fisheries Household Economic Survey” released on Friday, the average annual income of fishing households last year was 63.65 million won ($46,400), up 16.2 percent from the previous year. This marked the second consecutive year that fishery incomes hit a record high.

The sharp rise was largely attributed to increased demand and prices for gim, often nicknamed the “black semiconductor” due to its high export value. Fishing household income includes earnings from fishing activities, non-fishing activities, government subsidies and irregular income. Of these, income from fishing — accounting for about half the total — increased 30.2 percent to 27.89 million won. While volatile fish catch income fell by 16.2 percent, income from aquaculture jumped 38.4 percent, largely driven by rising seaweed prices.

“While a base effect from reduced aquaculture profits in 2023 due to mass die-offs during a marine heat wave played a role, the main factor was a significant surge in demand for gim, particularly from Japan,” said a Statistics Korea official. “Production increased and prices soared by about 84.4 percent, significantly boosting household income.”

Packages of dried seaweed are arranged in a supermarket in Seoul on March 4. [YONHAP]

Total fisheries production in 2024 exceeded 10 trillion won for the first time, reaching 10.09 trillion won. Gim accounted for 1.2 trillion won of that, an increase of 90.3 percent on year, making it the single biggest contributor to the growth in fisheries output and household income.

In contrast, average income for farming households dropped 0.5 percent from the previous year to 50.59 million won. While farming household income had grown 10.1 percent in 2023 — surpassing the 50-million-won mark for the first time — it declined last year due to poor livestock returns.

Income from farming activities fell 14.1 percent to 9.58 million won. Although crop income inched up 0.1 percent to 27.59 million won, livestock income — which accounts for more than 20 percent of total farming income — dropped 11.2 percent to just 8.5 million won.

“Damage from extreme heat last summer and heavy snow in November dealt a significant blow to livestock farms, including hanwoo [Korean beef] cattle producers,” said the official.

Piles of seaweed in Busan on Feb. 4 [YONHAP]

As a result, the income gap between fishing and farming households widened significantly. In 2020, the gap stood at 8.15 million won. By 2023, it had narrowed to 3.95 million won, but surged again last year to 13.05 million won. While fishing households typically earn more due to higher rates of secondary employment, this is the first time since 2020 that the income gap has exceeded 10 million won.

Meanwhile, household debt continued to grow for both sectors. Fishing household debt rose 6.5 percent to 70.83 million won, surpassing the 70-million-won mark for the first time since records began. Farming household debt increased 8.3 percent to 45.02 million won as of the end of last year.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM YEON-JOO [[email protected]]