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.