The March registration figures for new tractors show a significant turnaround, with a 38% increase in new tractor registrations in comparison with March last year.

The figures from the FTMTA statistics service show that 814 new tractors were registered in the Republic of Ireland for the first quarter of 2014.

Based on these figures, FTMTA chief executive Gary Ryan believes that the market should return to at least last year’s levels for the full year. Cork topped the market once again with 118 new tractors registered so far this year, followed by Tipperary and Wexford.

New tractor registrations in Britain and Northern Ireland also increased for the first quarter of 2014, up by 9.6%. The increase in the Annual Investment Allowances provided in the recent British government budget is expected to create a further mild stimulus.

A more interesting figure is the number of secondhand tractors being registered in Ireland for the first time. This has doubled compared with the first three months of 2013.

For the period from January to March 2014, this number has increased to 660 tractors from 300 tractors for the same period in 2013.