November UK tractor registrations down by a third

The Agricultural Engineers Association (AEA) has revealed a sharp fall in the number of new tractor registrations in the UK during November, but says it is too soon to say if this marks a significant downturn in the market.

At 414 machines, the monthly total was down by more than a third compared with the seasonal average, and by over 40% compared with the same month last year.

See also: New tractor sales in October at highest volumes since 2016

But the monthly figure also follows an unusually strong performance in October, which saw a 9% year-on-year gain to 1,007 machines, the highest number recorded in October since 2016.

Combining the two months, the total was actually very close to the seasonal mean, “so it is too early to say whether this (November drop) is just a blip, or marks the start of a downturn in the market”, according to AEA economist, Stephen Haworth.

“The combined total for October and November 2023 was below the level reached a year ago, when manufacturers were working through the backlog which had built up over the previous couple of years.

“Nevertheless, the total for the year to date was still 2% higher than in the same period of 2022.”

It is evident that there has been a general narrowing of the gap throughout 2023, however.

At the end of the first three months, the number of new registrations was running at 10% of the first quarter of 2022.

By mid-year, it stood at 6% ahead, and by the end of September, the year-to-date total was just 4% ahead of year-ago levels.