Farm machinery market to grow by 8%

THE Irish farm machinery market is expected to grow by 8% in value terms, to more than €490 million during 2007 compared with last year.

This is according to the Farm Tractor and Machinery Trade Association (FTMTA) in its analysis of the market for the year, released at the national ploughing championships.

FTMTA president Richard Harris said growth in new tractor sales, which has shown registrations grow to more than 4,500 units for the first eight months of the year, has been a major contributor to the growth in turnover within the sector.

“Sales of new tractors are running 18% ahead of last year and this could bring the market to exceed 5,000 units by the year end. This would be the highest level of new tractor sales for 30 years,” he said.

The FTMTA analysis of the total machinery market shows a significant growth in sales of combine harvesters for this year. Figures show close to 40 new combine harvesters were sold, more than a 50% increase on 2006 levels.

He said there was also increased interest in animal feeding systems and tillage machinery systems on the back of improved incomes within dairying and cereal growing.

Meanwhile, it was claimed Irish farmers are facing substantial losses due to a failure to correctly allow for increases in the value of their property when insuring their business.