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29/01/2004
NFU gives cautious welcome to farm income figures
The NFU gave a cautious welcome to the final income figures for the calendar year 2003, and the estimated net farm income figures for the year ending February 2004, released by DEFRA today.
Total income from farming has increased by 28% in real terms in 2003, with total income from farming per person increasing by 32% with respect to the previous year.
This increase in farming incomes is confirmed by the Farm Business Survey (FBS), which estimates an average annual farm income of £20,500 for the year ending February 2004.
This estimated rise in farm incomes is mainly due to a substantial increase in the arable sectors. Most other sectors have seen a steady, but not spectacular rise, with increases in income still having some way to go before a sustainable level of profitability is reached.
Factors including good weather and more favourable exchange rates meant that the arable sector enjoyed a more profitable harvest compared to the rest of Europe. The higher grain prices enabled many farmers to re-invest much needed capital back into their businesses.
Although dairy incomes are estimated to increase (in real terms) by 14% on last year, they are still some 40% lower than they were two years ago.
One sector of concern is lowland beef and sheep, where incomes in real terms fell by 14%, and the forecasted average annual farm income for the year ending February 2004 stands at just over £5,000.
NFU President Sir Ben Gill said there was room for cautious optimism, but that only sustained growth in future income will ensure a vibrant agricultural industry.
“Rises in farm incomes are always welcome, but they must be set in context against the terrible preceding years and the major challenges ahead. Farmers needed a rise in income to allow for desperately needed re-investment that has not been possible in recent years.
He added: “Farmers now face the huge challenge of adapting their businesses to the reform of the CAP and will need all their resources to compete in a more global and competitive market.”
Total income from farming has increased by 28% in real terms in 2003, with total income from farming per person increasing by 32% with respect to the previous year.
This increase in farming incomes is confirmed by the Farm Business Survey (FBS), which estimates an average annual farm income of £20,500 for the year ending February 2004.
This estimated rise in farm incomes is mainly due to a substantial increase in the arable sectors. Most other sectors have seen a steady, but not spectacular rise, with increases in income still having some way to go before a sustainable level of profitability is reached.
Factors including good weather and more favourable exchange rates meant that the arable sector enjoyed a more profitable harvest compared to the rest of Europe. The higher grain prices enabled many farmers to re-invest much needed capital back into their businesses.
Although dairy incomes are estimated to increase (in real terms) by 14% on last year, they are still some 40% lower than they were two years ago.
One sector of concern is lowland beef and sheep, where incomes in real terms fell by 14%, and the forecasted average annual farm income for the year ending February 2004 stands at just over £5,000.
NFU President Sir Ben Gill said there was room for cautious optimism, but that only sustained growth in future income will ensure a vibrant agricultural industry.
“Rises in farm incomes are always welcome, but they must be set in context against the terrible preceding years and the major challenges ahead. Farmers needed a rise in income to allow for desperately needed re-investment that has not been possible in recent years.
He added: “Farmers now face the huge challenge of adapting their businesses to the reform of the CAP and will need all their resources to compete in a more global and competitive market.”
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