Terms of trade index up 5.1% in July 2020 compared to July 2019

The agricultural terms of trade index was 5.1% higher in July 2020 compared to July 2019, according to the latest figures from the Central Statistics Office (CSO).

On an annual basis the output index increased by 1.8%. At the same time, the input index decreased by 3.2%.

Looking at the month-on-month comparison (June to July), the output index increased by 1.4%, while the input index was unchanged. This resulted in a month-on-month increase in the terms of trade by 1.4%.

Output index

Breaking down the output sub-indices, animal output increased by 4.8% in July of this year compared to July of last year, and increased 1.8% month-on-month from June.

This is broken down as follows:

  • Cattle sub-index increased by 8.8% July 2019 to July 2020 (increased 3.1% June to July 2020);
  • Cattle (excluding calves) sub-index increased by 8.7% July 2019 to July 2020 (increased 3.1% June to July 2020);
  • Calves sub-index increased 31.5% July 2019 to July 2020 (no figure available for month-on-month comparison);
  • Pigs sub-index decreased 2.5% July 2019 to July 2020 (increased 0.6% June to July 2020);
  • Sheep sub-index increased 13.7% July 2019 to July 2020 (no figure available for month-on-month comparison);
  • Poultry decreased 0.9% July 2019 to July 2020 (decreased 0.8% June to July 2020).

For animal products, there was a general annual change upwards of 2.6%, or 1.4% month-on-month.

This was comprised of a 2.7% annual increase for the milk sub-index (up 1.4% month-on-month); a 0.5% annual increase for the eggs sub-index (unchanged month-on-month); and a substantial annual decrease of 66% for the wool sub-index (unchanged month-on-month).

Turning to crops, the overall output index fell by 15.5% annually, and 1.1% month-on-month.

This was comprised of a 27.5% annual decrease for the cereals (including seeds) sub-index (unchanged month-on-month); a 2.7% annual decrease in the vegetables sub-index (no month-on-month figure available); and a 9.4% annual decrease in the potatoes (including seeds) sub-index (no month-on-month figure available.

Input index

Turning to the input sub-indices, the overall figure for fertiliser showed an annual decrease of 11.6%, and a month-on-month decrease of 1%.

This was broken down as follows:

  • Straight fertilisers sub-index decreased 13.9% July 2019 to July 2020 (decreased 1.3% June to July 2020);
  • Compound fertilisers sub-index decreased 11.1% July 2019 to July 2020 (decreased 1% June to July 2020);
    • PK fertilisers sub-index decreased 3.6% July 2019 to July 2020 (decreased 0.2% June to July 2020);
    • NPK fertilisers sub-index decreased 11.3% July 2019 to July 2020 (decreased 1% June to July 2020);
  • Other fertilisers sub-index unchanged both annually and month-on-month.

The index for energy inputs recorded an overall decrease of 9.5% annually (though recorded a month-on-month increase of 2.2%).

This was comprised of a 2.7% annual decrease for electricity (unchanged month-on-month); a 12% annual decrease for motor fuels (up 3.1% month-on-month); and a 1.6% annual decrease for lubricants (down 0.1% month-on-month).

On feeding stuffs, overall the index decreased by 2.2% annually, and was unchanged month-on-month.

This was broken down as follows:

  • Straight feeding stuffs sub-index decreased 8.4% July 2019 to July 2020 (decreased 0.1% June to July 2020);
  • Compound feeding stuffs sub-index decreased 1.9% July 2019 to July 2020 (unchanged month-on-month);
    • Calf feeding stuffs sub-index decreased 1.7% July 2019 to July 2020 (unchanged month-on-month);
    • Cattle (excluding calves) feeding stuffs sub-index decreased 1.6% July 2019 to July 2020 (decreased 2.8% June to July 2020);
    • Pigs feeding stuffs sub-index decreased 2.3% July 2019 to July 2020 (unchanged month-on-month);
    • Poultry feeding stuffs sub-index decreased 2.2% July 2019 to July 2020 (unchanged month-on-month);
    • Other compound feeding stuffs decreased 1.8% July 2019 to July 2020 (unchanged month-on-month).

Other key input figures include: an annual decrease for seeds of 7.1% (unchanged month-on-month); a 0.2% annual increase for plant protection products (decreased 0.4% month-on-month); a 1.4% annual increase for veterinary expenses (unchanged month-on-month); a 0.8% annual increase for maintenance of goods and services (decreased 0.1% month-on-month); and a 1.4% annual increase for other goods and services (decreased 0.2% month-on-month).