OTTAWA (Staff) – Sales of farm equipment are down sharply this year from last year’s levels but industry leaders insist the news is still good.
Compared to 1992, sales are up, creating what the Canadian Farm and Industrial Equipment Institute is calling “buoyant” results.
Last year was unusual because farmers could use a small business investment tax credit which boosted sales. It gave the machinery industry its best year in over a decade.
To the end of August this year, sales of four-wheel drive tractors are down 20 percent and combine sales are down 11.5 percent from last year.
But the CFIEI said compared to 1992, the last year without an artificial incentive, sales of both tractors and combines are up.
“There are a number of factors buoying up 1994 sales, with the general attitude among producers across Canada appearing to be one of confidence in their future,” said the institute.
Completion of the world trade talks is part of it, according to CFIEI.
