Net income from rice farming gained 12.7 percent over the year to 358,000 won (266 U.S. dollars) per 1,000-square-meter paddy in 2023, according to Statistics Korea.
The net profit tumbled from 373 dollars in 2021 to 235 dollars in 2022 before turning around last year.
The turnaround was attributable to the increase in rice prices, which advanced from 34 dollars per 20 kg of rice in 2022 to 38 dollars in 2023.
Gross income from cultivating rice on a 1,000-square-meter paddy grew 5.2 percent to 916 dollars last year.
Rice farming costs climbed 2.4 percent to 650 dollars per 1,000-square-meter paddy in the cited year.
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