The amount spent on the purchase of agricultural machinery increased last year

Businesses spent more than 180 billion USD worth on new farm equipment last year, up 3 percent on the previous year, and spent 7 percent more on components in the agricultural sector, according to a survey conducted by the NAIK Agricultural Research Institute distributor and manufacturer sales report.

According to the report, farmers continued to spend the most on power machinery, accounting for 56 percent of the total value of agricultural machinery investment. Within the total sales, tractors accounted for 34 percent and combine harvesters for 12 percent. Last year, more than 3,000 new tractors were sold for 61 billion HUF. (MTI)