A recent study conducted by the Korea Agricultural Machinery Cooperative has revealed that the total scale of South Korea's agricultural machinery industry is a substantial 6 trillion won, significantly exceeding the previously estimated 4.5 trillion won.

The research, which was initiated in May 2023, aimed to accurately assess the scope and size of the domestic agricultural machinery industry. This is the first comprehensive study of its kind in South Korea, and its findings are expected to have a significant impact on future policy development and industry growth.

According to the study, the total sales revenue of the agricultural machinery industry amounted to 5.9756 trillion won. Domestic sales accounted for 3.725 trillion won (62.3%), while exports totaled 2.2506 trillion won (37.7%). Notably, domestic sales were significantly higher than the previously estimated 2.3 trillion won, indicating a much larger domestic market for agricultural machinery than previously thought.

[ⓒ Global Economic Times. 무단전재-재배포 금지]