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NEWS - 12. May 2020 12:00

SEB: Farmers actively bought new tractors in the first quarter

Statistics from the Road Administration show farms sourced more new tractors in the first quarter than a year ago.

Sales of tractors rose nearly 16 percent in the first quarter of this year, and a total of 102 tractors were sold in Estonia, compared with 88 in the same period last year. According to the Road Administration, the most popular brands were Fendt, Valtra and John Deere. Last year, the top three was formed of John Deere, New Holland and Valtra.

“At the moment, the major problem in agriculture is labour related. The inclusion of additional domestic or foreign labour is more complex and time-consuming. In addition, due to the current situation and the decrease in consumption, there is pressure on the buying-in price of milk. However, given the importance of the sector, the outlook for farms is much better than in several other sectors. Farmers continue to want to involve bank finance because seasonal work cannot be postponed and communication with the bank is active and regular,” commented Andrus Mägi, head of the SEB agricultural sector.

Mägi added that the agricultural sector is a strategically important segment for SEB. “We have accumulated enough experience over the years to be a reliable and competent partner in this field. At the moment, agriculture has not been significantly affected by the state of emergency and, as a result, the normal financing of the sector continues.”

Based on the Bank of Estonia’s statistics, the agriculture and fishery sector entered into leasing contracts for 31 million euros in the first quarter.

Additional info:

Evelin Allas
Communications Manager
Marketing and Communications Division
SEB Pank

Phone: +372 6655 649
Mobile: +371 5111 718
Address: Tornimäe 2, 15010 Tallinn

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