Farm incomes have increased by almost two-thirds

Farm incomes in Northern Ireland have increased by almost two-thirds in the past year, according to new figures from the Department of Agriculture, Environment and Rural Affairs (Daera).

And across all farm types, business income is expected to rise from an average of £29,260 in 2023-24 to £60,622 in 2024-25, up £31,361 or 107%.

Provisional estimates indicate that the total income from farming (TIFF) is expected to reach £766m in 2024.

That is an increase of 62.5% compared to 2023 (£471m).

The actual rise is 56.2% once inflation is taken into account.

TIFF is the return on own labour, management input and own capital invested.

Although the price of both feedstuffs and fertiliser went down, they still accounted for just over half the total value of everything all farmers spent.

Machinery also dropped in cost.

The increase in business incomes varies across farm types and is due to lower feed and fertiliser prices combined with more favourable prices for milk, beef and lamb along with better overall cereal yields.

Agriculture Minister Andrew Muir said the changes were “reflective” of “particularly volatile” markets over the last five years, outside of his control.

“Consequently, my department focuses effort on helping farmers mitigate cost and price pressures by improving their productivity and resilience, while also addressing their environmental sustainability,” he said.

“These are the goals I have set out within the new Sustainable Agriculture Programme and I would encourage all farmers to avail of the support.”

Total Gross Output for agriculture was 8% higher in 2024 (£3.19bn).

There was a 9% increase in the value of output from the livestock sector, while field crops increased by 3% and horticulture increased by 10%.

The dairy sector remains the largest contributor at £1.1bn, an increase of 21%.

The intensive sectors of poultry, eggs and pigs all recorded increases.