A recent report shows that sales of farm equipment experienced year-over-year gains in March.
According to the Association of Equipment Manufacturers, sales of all types of tractors increased 7.5 percent in March 2010 when compared to the same month last year. On a percentage basis, two-wheel-drive tractors with less than 40 horsepower posted the best improvement in sales, increasing 16.4 percent. For the first three months of this year, sales are up 5.7 percent.
Two-wheel-drive tractors with more than 100 horsepower saw sales improve 6.3 percent in March, though year-to-date sales are up only 1.7 percent. However, tractors with between 40 and 100 horsepower saw their numbers drop 8.6 percent. This category has faltered for the year, down 11.1 percent when compared to the first three months of 2009.
The AEM reported that sales of self-propelled combines also improved during the third month of the year, increased 6.5 percent. From January to March, this category saw a 3.1 percent improvement.
Though the U.S. economy may be experiencing slow growth that could boost farm equipment sales, many manufacturers have turned to growing markets in countries like Brazil. The Obama administration has also advanced an initiative that will attempt to double U.S. exports over the next five years.