Farming incomes in Northern Ireland dove by more than 40% in a single year leading to fears that the industry might face a big challenge in the year ahead. Earnings tumbled from £312m to £183m around 2014 and 2015, a report revealed. The original values of the subsidies were £236m, which was higher than the figures.
Dairy farming was the most affected sector with prices falling by 27 percent to £480m. The figures were unveiled in a report distributed by the Department of Agriculture and Rural Development. The Ulster Farmers’ Union cautioned it was unrealistic to show signs of improvement in the months ahead. UFU president Ian Marshall said: “This is real financial crisis, and it is still there in 2016.”
Normal farm earnings in 2014/15 was £24,942, but this is figure to drop by 46% to £13,451 this year; The aggregate estimation of gross yield for horticulture in Northern Ireland fell by 9% to £1.74bn in 2015, driven by a 13% decrease in the domesticated animals division; Dairying remained the greatest patron, in spite of falling by 27%. The yield estimation of dairy cattle was hardly higher at £394m.
The value of sheep-meat diminished by 10% to £63m. Pig output earnings fell by 15% to £113m, while the poultry meat division dropped 6% to £244m. The dive in profits was so bad in 2015 that farm incomes were £53m beneath what was gotten in Common Agricultural Policy (CAP) payments.