The Farmers’ Union of Wales (FUW) has responded to data released today by the Welsh Government on Farm Income Data for April 2023 to March 2024.
The latest data showed that average Farm Business incomes in Wales have fallen by 39% year-on-year.
In 2023-24, estimated dairy farm income has dropped by 59% to £67,500 - drastically reducing from an all-time high in 2022-23. The latest data also showed a drop in income for Cattle and sheep in Less Favoured Areas (LFA) farms, falling by 9% in 2023-24 to £22,000.
Commenting on the figures, Farmers’ Union of Wales President, Ian Rickman said:
"The latest statistics on Farm Business Incomes in Wales demonstrate the economic reality of attempting to maintain levels of profitability against a backdrop of increasing costs and red tape.
"Dairy farms have seen significant declines due to both an average increase of 10% in overall farm business costs coupled with reductions in income.
"Across the board, however, the proportion of farm businesses in Wales generating a negative income continues to increase to over 20%. At the very least, this demonstrates the need for the future Sustainable Farming Scheme to offer an equal level of economic stability, currently provided through the Basic Payment Scheme, the maintenance of which for 2025 has been welcomed by the industry.”
The farm incomes data used in the release are derived from the annual Farm Business Survey (FBS).
Full Welsh Government data is available via the link below:
https://www.gov.wales/farm-incomes-april-2023-march-2024-html