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May 26, 2020FARM INCOME, 2019 Statistics Canada has released results for annual farm incomes in Canada in 2019.
Net farm income in Canada was $3.9 billion on farm cash receipts of $66.1 billion. Canadian farm cash receipts were up by 5.7 per cent while operating expenses (after rebates) grew at the same pace. Canadian net farm income was $3.8 billion in 2018.
In Nova Scotia, farms reported net loss of $50.7 million on cash receipts of $605 million. Nova Scotia farm cash receipts were up 5.2 per cent per cent while operating expenses (after rebates) rose by 5.9 per cent. Nova Scotia's net farm income was a loss of $39.9 million in 2018.
Nova Scotia farm net incomes amounted to -8.4 per cent (loss) of farm cash receipts in 2019, widening from a loss of 6.9 per cent of farm cash receipts in 2018. Newfoundland and Labrador was the only other province to report negative net farm income in 2019.
National average net farm income was 5.8 per cent of farm cash receipts in 2019, down from 6.0 per cent in 2018. The highest net farm income as a share of 2019 farm cash receipts was reported in New Brunswick and Prince Edward Island at 14.3 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).
The largest growth in Canadian farm cash receipts in 2019 came from cannabis, hogs, dairy (unprocessed), cattle/calves and lentils/peas/beans. There was also a substantial rise in insurance/stability/support payments to farms.
In Nova Scotia, the largest gains in farm cash receipts were reported in other crops (which may include cannabis, as it is not reported separately). There were smaller gains reported in blueberries, dairy (unprocessed), Christmas trees and eggs. Nova Scotia's farm cash receipts were notably down for furs and there were smaller declines in receipts for cranberries, strawberries, apples and soybeans.
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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