TMMF Ltd
Farminguk
25 September 2016 | Online since 2003
OvoConcept


22 May 2014 06:28:23 |Finance,News

Farm incomes show 13% increase


New figures released by Defra have shown farm incomes increasing by 13% during 2013, marking a substantial recovery for the agriculture sector following the weather-hampered returns of the previous year.

According to Defra, total income increased by £631 million to £5.46 billion – meaning income is just 0.7% lower than it was in 2011 after inflation has been taken into account.

A Defra spokesperson said that the falling numbers of farm workers mean that individuals in the sector are taking home a higher share of the total income figure.

This meant that individual incomes rose to an average of £28,426 – an increase of 15% compared to 2012 and a rise of 0.6% against 2011 figures.

Andrew Heskin, a partner in Moore Thompson’s Farming Sector team, said: “After the appalling winters recently, it is great news that our farmers have seen a general increase in their income.

“The signs are also promising that thanks to a mild winter and relatively dry spring, our farmers and growers will enjoy a good 2014, particularly if the weather stays fine.

“However farmers must not become complacent, because as we have seen before, one bad summer can wipe out a lot of good work.

“We would urge farmers to put in place the right financial measures to ensure they are protected against any future hardship.”

According to Defra, a rise in output helped fuel this rise in earnings.

Output from crops increased by 3.7% (£334 million) to £9.2 billion, with the main driver an increase in potato prices of 22%.

Cereals had a mixed performance, with wheat prices up 7%, but a 20% reduction in total area planted meant output actually fell by £75 million. Barley fared better with an increase of total output of £199 million, however this was offset with a drop of 6% in prices due to the increase in supply. Oilseed rape saw a £245 million decrease in total value.

In the livestock sector, poultry output increased by £250 million, the pig sector rose by £141 million, while the dairy industry increased income by £505 million in total output of £4.2 billion. The success in the dairy industry was achieved on the back of a rise in milk prices, which rose on average from 28.1p per litre in 2012 to 31.6p a litre in 2013.

However the livestock industry as a whole was reduced in total against its potential because the cold start to 2013 meant feed costs rose by £740 million.

Being at the heart of the Fens, Moore Thompson has always provided specialist accountancy advice to agricultural and horticultural businesses with an agricultural team that knows the farming business inside and out.

Download

0 Comment

loginuserlogo
Name

Please enter your name


Email

Please enter your email

Please enter valid email


Comment

Please enter your comment


Post Comment

Your comment has been submitted successfully. Please wait for admin approval.


Comments

No comments posted yet. Be the first to post a comment


Ireland | 23 September 2016
Farmers who left safety net of EU subsidies to make fortune

Irish farmers have proved that they don't need subsidies from the EU to be massively successful in their chosen profession. Some have chosen to leave the payment safety net behind and seek their fortu...


China | 23 September 2016
China lays groundwork to be major producer of GMO crops

China has a fifth of the world’s population, but only about 7 percent of its arable land. Farming plus safe and healthy foods are national obsessions. So it came as no surprise that government-own...


USA | 23 September 2016
Drought grips parts of South, parches ground, withers crops

Extreme drought conditions are persisting in parts of Alabama and Georgia, wilting crops and raising the specter of wildfires. Thursday's U.S. Drought Monitor, a weekly report that tracks drought c...


China | 23 September 2016
China to reopen beef market to American producers after 13 years

American beef producers are expected get access to China for the first time in 13 years, raising the possibility that the U.S. could recapture lost market share in one of the fastest-growing global ma...


Australia | 23 September 2016
Greener pastures: the dairy farmers committed to sustainability

It was a soil bacteria course in New Zealand that convinced Reggie Davis to change his farming methods. The fourth-generation Victorian dairy farmer had become increasingly concerned by the costs, ...



Trending Now

Viewed
Discussed


Top stories you may have missed
FarmingUK
FarmingUK Logo

FarmingUK

A herd of rare White Park cattle could die out if its owners do not urgentl...


FarmingUK
FarmingUK Logo

FarmingUK

The UK government is "failing" to support farmers in the long-term accordin...


FarmingUK
FarmingUK Logo

FarmingUK

Retailer Co-op has announced that from May 2017 all of its bacon and lamb w...


FarmingUK
FarmingUK Logo

FarmingUK

Over 50 wildlife organisations have compiled a stock-take of all the UK's n...


FarmingUK
FarmingUK Logo

FarmingUK

In the run up to the EU farm ministers meeting the agricultural sector have...


FarmingUK
FarmingUK Logo

FarmingUK

The RPA must iron out a number of problems that still exist with 2015 BPS p...


FarmingUK
FarmingUK Logo

FarmingUK

Tourism businesses in the countryside are being held back due to the uncert...


FarmingUK
FarmingUK Logo

FarmingUK

A 24 point action plan aimed at revitalising Scotland's sheep sector after ...


FarmingUK
FarmingUK Logo

FarmingUK

A new survey has revealed that the vast majority of British consumers belie...


FarmingUK
FarmingUK Logo

FarmingUK

The British public are overwhelmingly in favour of keeping or strengthening...


closeicon
Username
Password