Welsh Farm IncomesMarch 24, 2014 12:00 amThe Welsh Government has released figures on aggregate farm incomes (Total Income From Farming) and average profits by business type (Farm Business Income). These can be found at http://new.wales.gov.uk/statistics-and-research/aggreagate-agricultural-output-income/?lang=enThe data shows a £20.2 million increase in TIFF between 2012 and 2013, to £172.4 million. This is a 13% rise (at current prices). The main drivers for the increase in profits was higher output in the dairy and beef sectors. Given the depressed profitability of the industry during the 2012 calendar year due to the weather, some improvement would be expected. Aggregate returns are not back to 2011 levels which saw a TIFF of £220.1m.The Welsh government forecasts average FBI for ‘all farm types’ in Wales to increase by 29%, from £28,800 in 2012/13 to £37,300 in 2013/14. 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 12/13 – 13/142010/112011/122012/132013/14 Dairy63,00071,20046,00084,700+84%LFA Cattle & Sheep33,10036,50023,10026,500+15%Lowland Cattle & Sheep34,00038,60030,80030,200-2%All Farm Types38,60042,60028,80037,300-29%
