Farm business income is expected to fall by 46% in Northern Ireland, according to provisional figures published by the government.
Measured across all farm types in Northern Ireland, farm incomes are expected to decrease from an average £51,043 in 2022/2023 to £27,345 in 2023/2024.
This is a decrease of £23,699, or 46% per farm, the Department of Agriculture, Environment and Rural Affairs (DAERA) explained.
Farm business income is expected to increase for cattle and sheep and pig farm types between 2022/23 and 2023/24.
For these farms, the upturn in their incomes is attributable to higher beef and pig prices in the past year.
However, incomes for cereals, dairy and mixed farm types are expected to fall by 81%, 70% and 33% respectively due to lower grain and milk prices in the 2023/24 year.
DAERA farming minister Andrew Muir has described the substantial fall in farm incomes as 'disappointing' but a reflection of the fall in milk prices and the continued elevation of input costs.
Mr Muir said: "This decrease reflects the reduced milk prices from the record high levels of the previous year and the continued elevation in input costs for the agriculture sector.
"Fluctuating market conditions is not a new problem, but it remains a very difficult issue for farmers to address.
"These fluctuations are mainly due to price influences across world markets which are very much outside our control."
The figures are part of DAERA's first estimate for farm incomes in 2023. Revisions have been made to previous years.
