The Northern Ireland farming sector achieved a 26% increase in real-term profits in 2020, up from £342 million (about R6,8 billion) in 2019 to £456 million (R9,1 billion), according to a statement by the UK Department of Agriculture, Environment and Rural Affairs.
BBC News reported that total turnover rose 4% to £2,23 billion (R44 billion), with dairy farming remaining the largest industry, accounting for turnover of £667 million (R13,3 billion), up 2% on 2019.
Although the annual average farm-gate price of milk fell 0,7% to 27,01p/ℓ (R5,35/ℓ), the volume of raw milk produced increased 2% to 2,4 billion litres.
Farmers’ turnover from cattle farming also saw a 2% increase at £438 million (R8,7 billion) in 2020, and the average producer price for finished cattle was £3,46/kg (R85,7/kg), up 6,1% on…