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May 28, 2019FARM INCOME, 2018 Statistics Canada has released annual results for farm incomes in Canada in 2018 (these data are subject to revision later in the year).
Net farm income in Canada was $3.0 billion on farm cash receipts of $62.2 billion. Canadian farm cash receipts were up by 0.1 per cent while operating expenses (after rebates) grew by 6.5 per cent. Canadian net farm income was $8.2 billion in 2018
In Nova Scotia, farms reported net loss of $45.9 million on cash receipts of $564 million. Nova Scotia farm cash receipts fell by 0.2 per cent while operating expenses (after rebates) rose by 5.0 per cent. Nova Scotia's net farm income was a loss of $18.5 million in 2017.
Nova Scotia farm net incomes amounted to -8.1 per cent (loss) of farm cash receipts in 2018, widening from a loss of 3.3 per cent of farm cash receipts in 2017. National average net farm income was 4.9 per cent of farm cash receipts in 2018, down from 13.2 per cent in 2017. The highest net farm income as a share of farm cash receipts was reported in Saskatchewan at 10.9 per cent.
The composition of farm cash receipts is different in Nova Scotia from the national average. Across the country, grains (wheat, oats, barley, rye, flaxseed) make up the largest farm cash receipts, followed by cattle and calves. In Nova Scotia, dairy products, fruits and vegetables make up the largest cash receipts (though poultry and hogs are not reported individually and may appear in other livestock).
Neither Nova Scotia (-0.2 per cent) nor Canada (+0.1 per cent) reported substantial changes in farm cash receipts from 2017 to 2018.
The largest growth in Canadian farm cash receipts in 2018 came from cannabis, corn, grains, vegetables and poultry. These were offset by notable declines in lentils, peas, hogs and maple products. In Nova Scotia, the largest gains in farm cash receipts were reported in furs with smaller gains in eggs, other livestock (including poultry and hogs), soybeans and corn. Nova Scotia's farm cash receipts were notably down for cattle, dairy, apples, blueberries, vegetables and strawberries.
Source: Statistics Canada. Table 32-10-0052-01 Net farm income (x 1,000), Table 32-10-0045-01 Farm cash receipts, annual (x 1,000)
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