Provisional estimates from DAERA suggest that total income from farming (TIFF) in 2024 hit a new record high of £766m, up 62.5% from the £471m in 2023.

The calculation of TIFF represents the return on own labour, management input and own capital invested for those involved in farming.

The figure includes direct support payments, which are estimated at £304m in 2024.

One of the main drivers behind the TIFF figure is gross output from NI agriculture, which was 8% higher at £3.19bn in 2024.

Dairy production remains the largest contributor to the overall total, with a 21% rise in output to £1.1bn in 2024. This increase is on the back of a 4% rise in the volume of milk supplied by farmers and a 17% increase in the price paid for milk, which averaged 41p/l across the year.

With higher farmgate prices for beef cattle and an additional 35,900 head of prime cattle slaughtered in 2024 the output from the beef sector was up 4% at £658m.

A reduction in sheep slaughter numbers of approximately 38,600 hoggets and lambs was seen in 2024. However, with a rise in producer price of 16% to 639p/kg, total sheep output was up 8% to £123m.

Intensive

The intensive livestock sectors are major contributors to the total turnover, and in 2024 accounted for 29%. Eggs increased by 16% to £264m, although poultry meat output declined by 7% to £356m. The pig sector had sales of £295m, down 1% on 2023 levels.

Turnover from cereals decreased by 6% to £38m whereas the value of output of potatoes increased by 10% to £34m. The value of other crops increased by 16% to £17m.

Costs

The total value of gross inputs decreased by 3% in 2024, to £2.09bn.

Feedstuffs make up 57% of gross input costs and despite an additional 211,000t (7%) sold, the price paid per tonne was down 12%, meaning total feed costs fell by 4%.

Expenditure on fertiliser and lime fell by 10% last year to £101m. While fertiliser volumes were up 21%, prices were down 27%.

There was a 16% rise in the amount spent on lime.

Machinery expenses fell by 1% to £199m, mainly due to an 8% drop in the cost of fuel and oils.