The output of Agriculture, Forestry, and Seafood in South Korea has shown variations over the years. Between 2015 and 2023, the output witnessed some fluctuations, with notable decreases in 2016 and 2020. However, with a consistent upward trend from 2021 onwards, the output reached 63.378 trillion South Korean Wons in 2023, showing a modest growth. The year-on-year variation highlights minor increments in most years, except for declines in 2016 and 2020. The compound annual growth rate (CAGR) over the last five years stands at 0.18%, forecasting a steady growth rate of 0.89% over the next five years.
Future trends to watch for:
- Technological advancements in agricultural practices boosting efficiency.
- Climate change impacts potentially affecting yield and production.
- Government policies and subsidies influencing sector growth.
- Global demand and trade dynamics affecting export potential.
