Federal Agriculture minister Marie-Claude Bibeau says farm income in Canada is expected to be at an all-time high this year.
Bibeau says the agriculture sector is expected to see significant growth in key financial areas for 2020 and 2021.
In spite of challenges from Covid-19 and the impact on the food supply chain, the growth in farm income shows the sector is weathering the disruptions.
Net cash income is forecast to have grown by 21.8 percent in 2020 from 13.5 billion dollars in 2019 to 16.5 billion dollars in 2020.
In addition, net operating income per farm increased 25 percent, from just under 76 thousand dollars in 2019 to just under 95 thousand dollars in 2020.
Average farm family income is forecast to have increased by 8.6 percent to just over 194 thousand dollars in 2020, driven by increases in net operating income from farming.
She says the grain sector had a very strong year, contributing to an 11.9 percent increase in overall crop receipts.
However, disruptions to the workforce, shifting international trade patterns and fluctuating commodity prices have caused challenges.
Livestock receipts are forecast to have declined 1.9 percent, largely due to negative impact from Covid-19 on the red meat sector.
Bibeau says farm net cash income is forecast to grow 6.8 percent in 2021 to 17.6 billion dollars.
Average farm net operating income is forecast to increase 8.5 percent to about 103 thousand dollars per farm.
Average farm family income is forecast to grow 7.2 percent to just under 208 thousand dollars.
Net worth is forecast to reach 3.5 million dollars per farm, up 2.9 percent from 2020 levels.
Farm exports in 2020 were 74 billion dollars, up from 67 billion in 2019.
This brings the government close to reaching a target of 75 billion dollars in farm and seafood exports by 2025.
She calls agriculture an engine of growth, helping to restart the Canadian economy.
—-
