Forecast: Production of Agriculture, Forestry and Seafood in South Korea

The production of agriculture, forestry, and seafood in South Korea experienced some fluctuations over the past decade, experiencing substantial growth from 2013 to 2019. However, in 2020, there was a significant decline of 15.72%, potentially due to external shocks. Post-2020, the production levels rebounded, reaching a projected value of 67.607 trillion South Korean Wons in 2023. The year-on-year growth rate for 2023 was 1.38%, slightly above the five-year CAGR of 1.47%, suggesting a steady recovery trend.

Looking ahead, the forecast indicates a consistent upward trend with an average annual growth rate of around 1.1%, leading to an anticipated production value of 72.233 trillion South Korean Wons by 2028. This reflects a cumulative five-year growth rate of 5.62%.

Future trends to watch for include:

  • Further impacts of global trade policies on South Korea's agriculture and seafood sectors.
  • Technological advancements in sustainable forestry and aquaculture practices.
  • Potential climate change effects on crop yields and seafood stocks.

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