The agricultural output price index decreased by 4% in April this year, compared to March, according to figures from the Central Statistics Office (CSO).

In the same period, the input price index also decreased, but only by 0.5%. This results in a decrease in terms of trade of 3.5% over the two months.

The terms of trade also decreased on an annual basis (April 2019 to April 2020) by 0.5%. This was accounted for by a 4.4% decrease in the output price index, and a 3.9% decrease in the input price index.

Output sub-indices

Looking into the output index in more detail, we see that the animal sub-index fell 4.7% from March to April this year.

On an annual basis (April 2019 to April 2020), the animal output sub-index decreased by 1.1%. This included increases for calves (9.3%); pigs (20.7%); sheep (3.1%); and poultry (1.3%); while cattle (excluding calves) decreased by 2.1%.

For animal products, milk decreased by 5.1% monthly and 6% annually; eggs increased by 1.6% monthly and decreased by 0.6% annually; and wool was unchanged on a monthly basis but saw a substantial annual decrease of 17.9%.

For crops, cereals (including seeds) were unchanged on a monthly basis, but on an annual basis plunged by 27.5%; vegetables fell by 1.9% annually (no information was available for the monthly figure); while potatoes (including seeds) plummeted by 38.4% annually (again, no information was available for the monthly figure).

Input sub-indices

Turning attention to the input price index breakdown, seeds, while unchanged between March and April of this year, decreased by 7.1% from April 2019 to April 2020.

Electricity decreased by 1.2% on a monthly basis and saw a 1.5% decrease annually; motor fuels decreased by 9.4% monthly and 14.6% annually; while lubricants increased by 2.1% monthly and 2.9% annually.

Plant protection products increased by 0.1% monthly and by 0.6% annually, and veterinary expenses showed no change on a monthly basis, but increased 1.4% annually.

Maintenance of materials and buildings also showed no change on a monthly basis, and increased very marginally by 0.7% annually, while for other goods and services, the input sub-index decreased by 0.2% monthly and also by 0.7% annually.