Thank Brexit for 50% increase in export sales at recent Cheffins Machinery Auction

Despite Brexit woes throughout other areas of the agricultural industry, European buyers were taking advantage of the weakening pound at the Cheffins sale and making the most of the bargains on offer at what is traditionally a quieter time of year.

The sale, which featured a newer range of machines, saw 50 per cent of lots sold with a bias towards the export trade.

Bill Pepper, director at Cheffins said trade was described as ’solid’ and ’certainly better than we would expect for this time of year’.

Brexit

He said: “All sorts of questions were being asked at the most recent sale, was the devaluation of the pound going to help, was the export trade going to be stronger, or was there going to be hardly any trading difference as a result of the Brexit vote.

“The first indicator was shortly after the vote, with telephone inquiries noticeably greater and the Sunday viewing day seeing more from the export trade than we have experienced in months.

“And on the sale day itself, trade was best described as solid, nothing outstanding but certainly better than we would expect for this time of year.

“A number of buyers could be seen tapping away on their calculators, working out the prices before having a bid or two and many vendors were more than happy with the outcome.

Welcome boost

“We were too. Although perhaps we can’t put it all down to Brexit, gross sales on Monday were up significantly compared to last year, over 50 per cent up in fact which provides a welcome boost to everyone during a traditionally quiet time of the year.”

Approximately 70 per cent of lots sold were due for direct export mainly to European buyers. Spanish buyers snapped up some of the best John Deere machines on offer at prices of £38,000 and £25,000.

Ford sales were the strongest performers this month, with a couple of export buyers purchasing for the Far Eastern trade markets.