Data from the Central Statistics Office (CSO) shows that the agricultural terms of trade index increased slightly before Covid-19 struck.
The data shows that, from January to February, the terms of trade increased by 1.9%. This was accounted for by a 1.3% rise in the output price index, while the input price index fell slightly by 0.6%.
Meanwhile, the year-on-year figure (February 2019 to February 2020) showed a 5.4% increase in the terms of trade index, explained by a 2.6% increase in the output price figure, and a 2.6% decrease for the input price.
Output price index
The output price sub-indices showed either increases or no change across most sectors – with the exception of crops, which fell by 1.7% between January and February, and by 22.4% from February 2019 to February 2020.
For animals, there were monthly increases for the cattle; cattle (excluding calves); and pig sub-indices. There was no month-on-month data available for calves and sheep, while the figure for poultry showed no change.
For animal products, the index increased by 1.2% over the first two months of the year. This was accounted for by a rise of the same level for the milk sub-index, with the figures for eggs and wool showing no change.
However, the year-on-year figures for eggs and wool did change, showing decreases of 2.3% and 17.9% respectively, while milk increased by 1.8% in that time-frame.
Input price index
Looking at inputs, there were monthly and yearly decreases across the fertiliser and feeding stuffs sub-indices.
The sub-indices for straight and compound fertilisers both decreased, in terms of both month-on-month and year-on-year.
For feeding stuffs, straight feeding stuffs showed a slight increase of 0.5% between January and February, while compound feeding stuffs decreased marginally by 0.1%. Both sub-indices decreased on the yearly comparison.
Other key input price figures showed increases (month-on-month) for seeds; energy; veterinary expenses; and maintenance of materials and buildings; while there was a slight decrease for plant protection products.
Covid-19
The CSO makes it clear that this data does not reflect the impact of the Covid-19 outbreak.
In a statement accompanying this data, the office said: “The CSO understands the severe difficulties now being faced by respondents to our business surveys, and that filling in survey forms may not be a priority at present.
However, it is by collecting survey information that we will be able to report on the effects of Covid-19 on our economy and society.
“Insofar as possible, we are continuing to collect survey information from businesses, so that we can provide statistics that show the changing situation from March 2020 onwards,” the statement added.
It concluded: “We appreciate the ongoing support of our business survey respondents and understand the difficulties faced by all.”