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Farming sees 25% increase in profits

The UK farming sector saw profits rise by 25% last year to £8.84 billion, according to the National Farmers Union.

The increase was attributed to rising meat and grain prices in international markets. In the US, wheat prices rose by 17% last week due to dry weather on the south of the country.

The NFU believe that the report highlights the valuable contribution British farmers make to the UK economy.

A spokesperson commented: “With stocks depleted and demand from emerging markets rising all the time, supply and demand have been on a knife edge, with just small changes in supply prospects causing big swings in prices.

Exports of food grew by 11% last year, which made the food and drinks sector the fourth largest UK export sector.

To support this increase employment has also grown in the sector to 303,000 people in 2011. This is up by 3% on 2010.

GVA, which is the value of goods and services produced by the sector, minus the raw materials and other inputs used to produce them.

This was posted in Bdaily's Members' News section by Ruth Mitchell .