Cambridge-based auctioneer Cheffins has reported a rise in farm machinery exports as overseas bidders flock to take advantage of the weakening pound.

The trend first appeared when the currency began declining back in August, at which point the volume of machinery sold overseas accounted for a modest 26% of sales.

That increased steadily in the following months, with exports hitting 36% in both September and October, before soaring to an unprecedented 50% during November. 

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Cheffins’ machinery sales for the month saw more than 2,000 lots go under the hammer and grossed over £3.2m, with bidders from over 20 different countries – as far-flung as Sudan, Lebanon, Cyprus and Kenya.

“Trade was strong across all areas of the sale, with direct-from-farm machinery in particular making premium prices,” said Joe Page, director at Cheffins Machinery Sales.

Straight-from-farm tractors have seen particularly strong demand, with a 2011 John Deere 7930 with just over 4,200 hours on the clock selling to a Canadian buyer for £62,000, and a 2019 Claas 830 going to the Netherlands for £57,000.

“[We] saw a strong trade for Claas tractors to eastern Europe, and John Deere examples heading to Spain and Portugal.

“Supply chain issues continue to be the main driver behind the rising prices for quality second-hand machinery, as backlogs and long lead times have delayed trade-ins for farmers and caused stock levels to take a nosedive.”

This, according to Mr Page, is contributing to greater competition in the market and means ex-farm machinery doesn’t hang-around for long before it is snapped up by overseas bidders or domestic farmers and contractors.