In an especially challenging year for manufacturers and dealers supplying new tractors, normal sales patterns and demand in the UK were upset by the impact of the coronavirus pandemic and uncertainties as to future trading relations with the European Union.
U.S. large ag retail sales were up 12.9% year-over-year in January, while Canadian sales were up 38%. Combined U.S./Canada large ag sales were up 15.4% (vs. up 11.3% in December), marking the fifth consecutive month with growth of over 9%.
Our data bases include information for tractor sales derived from AEM’s monthly Flash Reports that dates back to 1969, USDA reported net farm income that dates back to 1969 and U.S. Department of Labor’s GDP data that dates from 1970.
Overall tractor unit sales continued their growth across North America in October 2020 despite a small pause in larger units in Canada, according to the latest data from the Assn. of Equipment Manufacturers (AEM).
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The latest episode of On the Record is now available! In this week’s episode we take a look at the Chicago Federal Reserve Bank’s fourth quarter survey, which suggests farm equipment loans could increase in 2021. In the Technology Corner, Jack Zemlicka discusses opportunities with early order programs in the midst of ongoing shortages and delays in parts availability. Also in this episode, a closer look at Deere and Kubota’s latest earnings releases and Fendt gains market share in Europe.