There was a 5% drop in the value of Single Farm Payments in Northern Ireland in 2015, according to the Statistical Review of Northern Ireland 2015.
The review attributes the drop in value to a less favourable exchange rate between Sterling and the euro.
Meanwhile, cash available to farm families from farming activity was estimated to have fallen by 26%, to £251m.
The value of all direct payments to farmers also decreased by £5.3m or 1.8% in 2015, to £287m.
The review found that this drop can be largely attributable to a reduction in the direct CAP payments as a result of less favourable exchange rates between Sterling and the euro.
The estimated value of 2015 direct subsidies (Basic, Greening and Young Farmers payments) was £236m; a decrease of 5.0% compared the Single Farm Payment in 2014.
Meanwhile, total income from farming (TIFF) farmers in Northern Ireland received in 2015 was down 41%, according to the Statistical Review of Northern Ireland 2015.
TIFF, which measures the return to farmers, partners and directors, their spouses and other family workers for their labour, management input and own capital invested dropped to £183m last year.
This figure is down from the £312m farmers received in 2014.
Following the decrease in 2015, the review found that TIFF is now 19% below the average of the last 20 years after accounting for inflation.
The review attributes the large drop in incomes to a fall in price across a range of agricultural products, especially the dairy sector.
The average farm-gate milk price in Northern Ireland fell by 28% in 2015 to 21.2p/L (26.52c/L) while in the pig sector the producer price fell by 18%.