26.2 C
Lagos
Saturday, June 15, 2024

Farm revenue dropped by £800m in 2023, Defra figures present

Must read


New authorities statistics have revealed that farming incomes within the UK dropped by £800 million in 2023.

Decrease commodity value have been blamed for the sharp drop in final 12 months’s whole agricultural revenue, Defra mentioned in its new report.

Whole Earnings from Farming (TIFF) – a measure of the efficiency of the UK agricultural business – was estimated to be £7.2bn, a fall of £800m (-9.8%) from 2022.

Following traditionally excessive commodity costs in 2022, pushed by international occasions, Defra mentioned there have been reductions within the commodity costs of key crops and livestock outputs.

This, coupled with a poor harvest in lots of crop gadgets, was not offset by a discount within the worth of inputs leading to a considerable discount in TIFF.

Whole livestock output through the course of final 12 months was £19.2 billion, a lower of £0.1 billion (-0.7%) evaluate to 2022.

This lower was pushed by a fall within the worth of milk (-10.1%) and sheep for meat (-2.7%), the report defined.

Milk farmgate costs fell in 2023 after the historic highs of 2022, pushed by a rise in provide within the first half of 2023 and weaker demand.

In 2023, whole crop output decreased by £1.3 billion (-9.7%) from 2022, to £12.0 billion, Defra highlighted.

This lower was pushed by a considerable fall within the values of wheat and barley (-28.3% and -25.7% respectively) in addition to oilseed rape (-44.9%).

The unit costs of those three crops decreased in 2023 from the traditionally excessive costs seen in 2022.

Intermediate consumption decreased by £0.6 billion (-2.8%) from 2022, to £21.1 billion in 2023.

The report mentioned this lower was primarily pushed by a 28.4% lower within the worth of fertilisers.



Source_link

- Advertisement -spot_img

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -spot_img

Latest article