UK Total Income from Farming
28 February 2013
- These forecasts show average Farm Business Income (FBI) for ‘All Farm Types’ in Wales decreasing by 29 per cent, from £41,100 in 2011-12 to £29,000 in 2012-13. This reverses the increase in average FBI experienced in Wales in 2011-12.
- The factors behind the expected decrease in income in 2012-13 are higher input costs and reduced output, particularly sheep output. In addition, changes in the £/€ exchange rate resulted in lower Single Payment receipts – down around 8 per cent on 2011-12.
- On Dairy farms, a small increase in the value of output is offset by an increase in input costs and a reduction in the average Single Payment, resulting in a 21 per cent drop in average Farm Business Income from £66,100 in 2011-12 to £52,400 in 2012-13.
- On LFA Cattle and Sheep farms, lower lamb prices and a reduction in the number of animals marketed has resulted in a fall in the value of output. This, coupled with rising input costs and the reduced Single Payment receipts, has resulted in a 37 per cent drop in average Farm Business Income from £34,600 in 2011-12 to £21,700 in 2012-13.
- The same factors have impacted on average incomes on Lowland Cattle and Sheep farms. Average FBI on Lowland Cattle and Sheep farms is forecast to decrease 34 per cent from £35,300 in 2011-12 to £23,200 in 2012-13.
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