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STATCAN: Net income for Canadian farmers fell 9.5% in 2022

OTTAWA — Realized net income for Canadian farmers fell 9.5% to $12.5 billion in 2022 as growth in expenses outpaced the rise in farm cash receipts, according to data recently released by Statistics Canada. The decrease in 2022 followed a 50.8% gain in 2021 and a 79.1% increase in 2020. Excluding cannabis, realized net income in 2022 was down 8.3% to $12.7 billion.

In 2022, total farm cash receipts increased by 14.8% compared with 2021. Higher prices resulted in Canadian farmers receiving higher revenue for both crops (+$7.2 billion) and livestock (+$3.6 billion) in 2022. However, a 21.2% increase in total expenses ultimately pushed realized net income lower. Farmers faced higher costs for key agricultural inputs, including fertilizer, feed and fuel.

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