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 of £51,043 in 2022/2023 down to £27,345 in the 2023/2024 period.

This is a decrease of £23,699 or 46% per farm according to the Department of Agriculture, Environment and Rural Affairs (DAERA).

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Farm business income is expected to increase for cattle, sheep and pig farm types between 2022/23 and 2023/24. The upturn is attributed to the higher beef and pig prices seen in the past year.

However incomes for cereals, dairy and mixed farm types are expected to fall by 81%, 70% and 33% respectively. This is thought to be due to the lower grain and milk prices in the 2023/24 period.

DAERA farming minister Andrew Muir described the substantial fall in farm incomes as “disappointing”. He 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.