Farm Incomes – WalesApril 18, 2013 12:00 amFollowing on from last month’s English and Scottish Farm Business Income (FBI) and Total Income from Farming (TIFF) data the Welsh Government has released its figures. These can be found at http://new.wales.gov.uk/topics/statistics/headlines/agriculture2013/aggregate-agricultural-output-income-2012/?lang=enThe data shows a £79.7 million increase in TIFF between 2010 and 2011, to £239.8 million. The initial 2012 estimates show TIFF falling by £116.2 million to £123.6 million, a 48% reduction in real terms. The main driver for the reduction in profitability was a fall in the lamb price in 2012, coupled with higher costs across all sectors. The Welsh government forecasts average FBI for ‘all farm types’ in Wales to decrease by 29%, from £41,100 in 2011/12 to £29,000 in 2012/13. The fall in FBI can be attributed to factors including increase input costs, reduced output and change in exchange rate making Single Payment receipts around 8% lower than the previous year. Details for the main Welsh farm types can be seen in the table below.WELSH FARM BUSINESS INCOMES – Source: Welsh GovernmentFarm TypeFarm Business Income (£/farm)% Change 11/12–12/132009/102010/112011/122012/13 Dairy48,60056,80066,10052,400-21%LFA Cattle & Sheep36,60029,80034,60021,700-37%Lowland Cattle & Sheep31,70030,30035,30023,200-34%All Farm Types36,80035,70041,10029,000-29%
