University of the Philippines Los Baos

COLLEGE OF FORESTRY AND NATURAL RESOURCES

Institute of Renewable and Natural Resources
College, Laguna 4031
FRM 119 Marketing of Forest Products
ROSE ANNE C. CUADERNO

Date Performed: August 24, 2016

BSF

Date Submitted: September 12, 2016

FRM 119 CD-1L

EXERCISE 2

Marketing Channels of Forest Products and Price Analysis

I. INTRODUCTION
Forest serves as the most valuable natural resources as it provides a wide range of goods
and services for provisioning, regulating, supporting and cultural purposes. One example of this
is the provision of forest products or the products that are derived from forestry for consumption,
utilization and commercial benefit. In the early sixties, forestry sector reached its peak and
became the top contributor in the national economy of the Philippines. However, this was not
sustained primarily because of the rapid and massive depletion of forest.
To understand the forest product, it is important to know that it encompasses two main
categories: Timber and Non-Timber forest products; both of which are beneficial as we depend
on it for everyday life. By definition, timber products (major forest products) are those derived
from wood of a tree such as log, lumber, plywood and veneer. On the other hand, non-timber
products (minor forest products) are the products other than timber that are produced in forest.
This includes fruits and nuts, vegetables, fish and game, medicinal plants, resins, essences and a
range of barks and fibers such as bamboo, rattans, and a host of other palms and grasses
(http://www.cifor.org). These forest-based products are important as it is used for a variety of
purposes such as wood fuels, raw materials for construction and manufacturing, and papermaking.
In relation with this, the production of these forest products coincide with the proper
marketing system/channels that are existing and its key players in order to put these goods into
the point of use or consumption. By an economists perspective, marketing is a collection of
buyers and sellers who transact over a particular product or product class. In this paper, the
distribution channel of forest products in the country will be traced and analyze.
In the Philippines, there are four major trade players in the market of timber production
and these includes: Producers; Primary and Secondary Processors; Tertiary Processors; and
Consumers. Producers are the provider of raw materials to be used by the processors in
manufacturing it into a usable products and the consumers are the end-users of the finished
products being produced.
It is important to have a price analysis because this will serve as a basis in studying the
market of forest products in terms of quantitative analysis and the factors interrelated to it which

is the demand and supply. Overall, it is a very useful tool in decision making about the proposed
products to be marketed. It helps in making a business venture decides what are the efficient
methods to incur a less input into their product without sacrificing its quality. Also, to know how
much the products should be sold in a way that fits the income of the buyers.
Lastly, there is a need to analyze the market channels of forest products so that it can be
assessed if there are progressive and dynamic forest products distribution services operating
within the system. It helps in bridging the gap of the producer up to the consumer with regard of
product transaction and exchange.
II. OBJECTIVES
This paper aims to:
1. Determine the market channel of forest products existing in Laguna province and the
whole country
2. Determine and analyze the price of selected forest products in the area given
3. Assess the supply, demand and price trend of selected forest products and the factors
that affects the three of them
4. Project the price of selected forest products over the next five years
III. METHODOLOGY
A. Collection of Data
To be able to determine the marketing channel of forest products in the Philippines, a
sample study has been conducted in the province of Laguna where different wood, handicrafts
and bamboo-made products are offered. One of the woodcraft stores along Laguna was asked for
a personal interview with the owner. The different marketing channels that their end products
gone through were also asked, this includes the supplier of raw materials, the processing stage,
and distribution stage. The selling and buying prices of the products in each system are also
asked and the different challenges that arise along within it.
Then, the data from the previous exercise (Characterization of Forest Products and their
Markets in the Philippines) has been used for price analysis of major forest products in the
Philippines such as log, lumber and plywood. These data, again, came from the Chapter 4:
Environment and Natural Resources of the Philippine Statistical Authority 2015 Yearbook and
some excerpts from the data available in Forest Management Bureau webpage.

There are problems that have been encountered in collection of the data and these
includes:
1) Philippine Statistical Authority only have data for the production volume of log,
lumber and plywood1, there is no production value available. Thus, the prices of these timber
products are used by multiplying it with the production volume in order to get the production
value.
2) In relation to number 1, the data for the prices of these products are tabulated in
months and price per region since it varies. So, the average prices were computed to come up
with one price value in every year. Moreover, these data is not compiled in a single yearbook,
hence, every yearbook from 2000-2014 has been examined.
3) There is no consumption volume and value that are present, so it has to be manipulated
using the formula: production volume (in cubic meter) or the quantity of products produced *
unit cost or the price value.
4) The prices for the export and import of products were produced by dividing the
export/import value to its corresponding export/import volume.
B. Presentation of Data
The data gathered were organized and tabulated into different categories. The summarize
data of it were presented in graphs to easily see the trends.
C. Analyzation of Data
Regression analysis tool has been applied to be able to get the projected price of the
forest products in each year from 2000-2014. Moreover, the values have been extrapolated to
know the price of forest products over the next five years.
The data analysis tool in excel was used where x input is the time and y input is the prices
of the particular forest product, the summary output was then presented automatically, and from
that the coefficient of the intercept and time were get to be able to compute the projected price.
The formula: a + (b*t) was used.
Also, the formula: ((Qlastyear-Q1styear)/(Q1styear)/n was used to get the average annual
growth rate of forest products in terms of production. The contribution of forestry sector in the
national GDP was also assessed.
Lastly, the demand for forest products was assessed through the use of production
volume as the x-variable and the income and prices as the y-variable. The projected values for
these are also computed.

1 The products analyzed are some of the major forest products in the Philippines

Log- a portion or length of a trunk

Lumber- product sawn from a log

Plywood- Assembled product made usually of an odd number of layers of veneers glued together by means of adhesive

Market Channel and

Price Analysis

Laguna Province

Supplier

Processo
r

Philippines

Productio
n

Consumer

Export

Import

LOG
LUMBER
Buying and Selling
Prices

PLYWOOD

Prices and Price Projected

Demand
Analysis

Figure 1. Flow chart of the paper being studied

IV. DATA, RESULTS AND DISCUSSION

Small Scope
To analyze the timber trading situation in the Philippines, one of the wood manufacturer
in Calamba, Laguna has been assessed and this is the Alfredos Wood Craft located in 943
Bucal, Calamba City. The data that has been gathered was specific to the marketing/distribution
channel of the products they offered and its corresponding prices.
Table 1. Data gathered from Alfredos Wood Craft

ALFREDO'S WOOD CRAFT

Supplier
Place
San Pablo
Quezon Province

Products
Swietenia mahogany
Gliricidia sepium
Tamarindus indica
*approximate price only according to the owner

Price/Tree*
20 000
10 000
5 000

Products Manufactured
Price (in peso)*
Chopping board
80
Divider
5000
Set of Dining Table
18000
Wood bed
25000
Nipa Hut
40000
Tree House
650000
*Prices may vary according to the wood species used, size and design of the products
Average Income per Week
100 000 pesos
*may vary depending on the number of orders

Alfredos Wood Craft gets raw materials specifically in their neighboring municipality
and province which is San Pablo and Quezon Province respectively. This is efficient since the
cost of travel is not that much higher since the place is near to them. They get the raw materials
in the form of log and the price of it varies according to wood species, sizes and its availability.
After this, they are the one who manufacture it into a usable products. The only added value that
is considered are the machineries being use and the materials for polishing such as paints etc. but
other than that is nothing more since they do not focus on a more conflict decorative designs.
The price of their products also varies depending on different factors especially when the
customers put an added instruction to the product they want.
Basically, their customers are usually the households since the furniture for home is their
basic products. Aside from that, there have also dealer from Sucat, Manila who transact with

them as the supplier of these wood-made products and according to them, they export it to
different countries.
On the average, they gathered an approximate amount of 100,000 pesos per week
depending on how many the orders are.
Large Scope: Philippines
To be able to analyze the market channels of the selected forest products in the
Philippines, it is first important to know the structure of this channel that is existing in the
present context. This is summarized as:
Table 2. Structure of the Marketing Channel of Forest Products in the Philippines
1) Producers

CBFMA (Community-Based Forest Management Agreement)

TLA (Timber Licensed Agreement)
IFMA (Industrial Forest Management Agreement)
SIFMA (Socialized Industrial Forest Management Agreement)
PLTP/SPLTP (Private Land Tree Plantation/ Special Private Land
Tree Plantation)
PFDA (Plantation Forest Development Agreement)
Tree Farmers
2) Primary and
Sawmill, Plywood Plant, Venner Plant, Blockboard Plant, Fiberboard
Secondary Processors Plant and Papermill
*using local or imported materials
3) Tertiary Processors Furniture Makers, Sash, Factories, Wood working shops
4) Consumers
Retailers, Construction firms, Lumber dealers and Households
Source: FMB-DENR and International Tropical Timber Association (ITTO)
It can be infer to this that these components are interdependent with each other. The lack
of one component will further affects the other succeeding component in the transaction or the
failure of one might provide negative implications to the others. For example, the amount of the
raw materials to be produced by the leading producers affect also the behavior of the processors,
it might be in terms of the number of finished products to be done and its prices. In relation to
this, a healthy and smooth functioning or performance of each components in the transaction is
beneficial and important to all of them.
According to the study2 conducted by FMB-DENR in partnership with the International
Tropical Timber Association (ITTO), tree farmers are the top suppliers of raw materials for the
processors and dealers. Also, note that sometimes the processors, dealers and construction firms
are all obtaining their raw materials to one supplier only. This situation really happens especially
when the sources are open and the supply chain is not strict. The only processors who get their
raw materials to the other producers includes sawmill, veneer/plywood plantation and some
lumber dealers. In terms of the buying and selling aspect in the processors, the most agents who
buy to them are households, walk-ins, and lumber dealers as well.
2

total of 143 respondents comprising different groups (producers, processors, consumers)

Suppliers
2%
4%

5%
5%
6%

40%

15%

24%

Tree Farmers

Lumber Dealers

Agent

CBFMA

IFMA/TLA

Sawmill

Importer

Others

Figure 2. Supplier of Raw Materials to various Processors

Buyers
3%

12%

4%

34%
5%
8%
14%
20%

Sawmill

Plywood/Veneer Plant

Lumber dealers

Furniture Makers

Agent

Mini sawmill

Contruction

Others

Figure 3. Buyers of Raw Materials from the Producers

In the study conducted as well, it says there that the acquisition of these raw materials are
done basically through direct buying. The percentage of which various components agree to this
or do this are as follows: 77% processors, 68% dealers and 80% construction firms.
Price Analysis
From the data gathered in the previous exercise, the projection of prices in the
production, export and import of selected forest products were obtained. Again, the product used

to examine this trend are: log, lumber and plywood. The prices came from the various yearbook
of Philippine Statistical Authority.
A. LOG

LOG
120000
100000
PRODUCTION PRICE
80000

PRODUCTION PROJECTED

60000

EXPORT PRICE

40000

EXPORT PROJECTED
IMPORT PRICE

20000

IMPORT PROJECTED
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
-20000

Figure 4. Comparison of logs production, export and import prices to its projected prices
In terms of log production, the values of the price and the price projected are very close
with each other except in the year 2013 where the values differ by 25.76%. Noticeable in the
export aspects the big difference between the two. In the year 2000 up to 2003, the value
computed to the projected price is negative while in the later year, it exceeded the real price.
Same with the production, the import values of the two are close with one another. However, to
sum this up, the r-squared values for these three aspects namely: production, export and import
show that these are not reliable for interpretation as it show low precision. The r-squared values
are as follow: 0.00066, 0.28541 and 0.299105 respectively.
B. LUMBER

LUMBER
30000
25000

PRODUCTION PRICE

20000

PRODUCTION PROJECTED

15000

EXPORT PRICE

10000

EXPORT PROJECTED
IMPORT PRICE

5000
0

IMPORT PROJECTED
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Figure 5. Comparison of lumbers production, export and import prices to its projected prices

It can be seen that both of the price and the projected one in the import are positively
increasing. This means that there is a high amount that we spent in getting lumber in the other
countries. In comparison with the export values, the country gets a lesser amount in selling our
lumber products in the other country and this is just one manifestations of the export ban in the
Philippines. In terms of the production, there are both low values for the supply of lumber.
The r-squared computed in the production aspect is 0.944572 meaning that the projected
prices are very close to the real prices. It can be a good and reliable considerations in assessing
the future prices of the product. However, the two factor have a weaker reliability.
C. PLYWOOD

PLYWOOD
50000
45000
40000
35000

PRODUCTION PRICE

30000

PRODUCTION PROJECTED

25000

EXPORT PRICE

20000

EXPORT PROJECTED

15000

IMPORT PRICE
IMPORT PROJECTED

10000
5000
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Figure 6. Comparison of plywoods production, export and import prices to its projected prices
The production prices as well as its projected prices have close values and it is sufficient
to say that this is reliable because it has an r-squared value of 0.8333 when inputted with an xvariable of time or year. The export prices changes through time while its projected prices show
a positively increasing line. Lastly, the import price is also varies through time while its
projected price is almost stagnant in the last 15 years.

PROJECTED PRICES
The projected prices of the forest products in the next five years are summarized below in
a table.
Table 3. Projected prices of log, lumber and plywood (2015-2019)

YEAR
2015
2016
2017
2018
2019

PRODUCTION
LOG
LUMBER PLYWOOD
3241.05 3185.478476 17371.21
3238.617 3282.54063 17664.44
3236.184 3379.602783 17957.68
3233.752 3476.664937 18250.92
3231.319 3573.72709 18544.16

LOG
44763.60
48510.02
52256.43
56002.84
59749.26

EXPORT
LUMBER PLYWOOD
2888.02 36034.64
2695.21 37200.43
2502.39 38366.23
2309.58 39532.03
2116.77 40697.82

LOG
11670.54
12073.74
12476.93
12880.12
13283.31

IMPORT
LUMBER PLYWOOD
23512.43 25544.42
24194.07 25626.05
24875.71 25707.69
25557.35 25789.33
26238.99 25870.97

There will be an almost higher production values as projected compared to the last 15
years. In export, the log and plywood products will have a higher prices while the lumber will be
lowered in the next years. Lastly, the log prices will be lower while the lumber and plywood
prices will be higher in terms of import in the next five years.
GDP CONTRIBUTION AND DEMAND ANALYSIS
It has been recorded that the forestry sector contributed an average of 0.08 percent in the
total GDP of the Philippines from 2000-2014. Also, it has an average annual growth rate of 7.03
percent.
On the average, 44%, 54% and 52% of the variation in the demand for log, lumber and
plywood respectively, can be explained by price and income, ceteris paribus. Furthermore, the
following are the interpretations for each forest products demand using regression analysis:
Log:
Price positively affects demand. As price increases by 1 peso, demand increases by 17.63
Income postively affects demand. As income increases by 1 thousand pesos, demand increases
by 0.13
Lumber:
Price positively affects demand. As price increases by 1 peso, demand increases by 38.36
Income postively affects demand. As income increases by 1 thousand pesos, demand increases
by 0.05
Plywood:
Price positively affects demand. As price increases by 1 peso, demand increases by 8.69
Income negatively affects demand. As income increases by 1 thousand pesos, demand decreases
by 0.05

Factors affecting the Trade Flow

According to the study conducted by DENR-FMB and ITTO, there are various problems
that causes the supply, demand, and prices of forest products. One of these is the weak trading
situation in the flow of products to the end-users. This happens because the access to and sharing
of the information among the trade players are limited and competition among them is the
reason. In addition, there is difficult access to timely and relevant information on timber and
timber products trade flow. For example, tree farmers choose the species to be planted in
accordance of the available planting materials and not the market demand. This will lead to a low
market since the product they offer is not the preference of their buyers.
More of the problems encountered by the trade players are as follows:
1. Information about raw materials for all trade players are sourced mostly through direct contact
2. Producers are facing technical problems in areas of proper selection and care of planting
stocks, appropriate nursery and silvicultural practice, plantation management, harvesting and
cutting to marketable sizes, and lack of measurement standards
3. Some producers complain of a very limited market whereas processors are saying that there is
very limited supply
4. The range recovery rates (from 20% to 100% with an average of 78%) is very wide
Another factor that needs to be emphasized is the existing policy and regulatory issues
which worsen the situations. There are a lot of uncertainties taken about the logging moratorium
by the virtue of Executive Order No. 23 and the suspensions of licenses or agreements among the
all the trade players. It also includes the export bans; transport restrictions such as those imposed
by narra; slow processing of documents; and too many checkpoints.
V. CONCLUSIONS AND RECOMMENDATIONS
It can be concluded that theres really a need in a healthy and efficient system in the
marketing channels of forest products. There are many problems in which each component of the
structure are facing yet they have to have a good communication, a reliable and timely
information and sources so that the economies of scale will be satisfied.
Moreover, price analysis is an effective consideration in decision making of one trader.
Knowing the projected prices of forest products in the following years will enable a good
planning and product proposal.
The only thing is that, due to the existing policies, there became a struggle in each
component on how will they maximize their effort in this business field. There are limits that
most often not beneficial among the trade players. With this, theres a really need in reviewing
the policies in the trading system of these forest products so that many will have the opportunity
to gain more profit and at the same time satisfy the needs and demand of the consumer.

V1. REFERENCES
At a Glance on Philippine Forest (2015). Retrieved from
https://www.senate.gov.ph/.../SEPO/AAG%20on%20Philippine%20Forest_Final.pdf
Kangas K. and Baudin, A. (2003) Modelling and Projections of Forest
Products Demand, Supply and Trade in
Europe. Retrieved from https://www.unece.org/fileadmin/DAM/timber/docs/efsos/03-sept/dp30.pdf
Philippine Statistical Authority (http://psa.gov.ph/)
Philippine Forestry Statistics (http://forestry.denr.gov.ph/index.php/statistics/philippinesforestry-statistics)
Pulhin, J.M. (2002). Trends in Forest Policy in the Philippines. Retrieved from
aboutphilippines.ph/files/Trends-in-Forest-Policy-Philippines.pdf
Timber and Timber Products Trade Flow Study of the Philippines ITTO PD 133/02 Rev.3 (M).
Retrieved from www.itto.int/files/user/pdf/publications/.../pd138-02%20rev3(M)%20e.pdf
https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketingchannels-11/marketing-channels-in-the-supply-chain-76/the-significance-of-marketing-channels386-7303/
www.fao.org
FRM 119 Lecture Materials
Appendix
YEAR

PRODUCTION
PRICE
PROJECTED
3435.135

3277.538914

3579.629
2001
2002 3397.692

3275.106294

3058.189

3270.241052

3226.503
3248.086
3138.729
2914.182
2934.887
2925.268

3267.808431
3265.37581
3262.943189
3260.510568
3258.077947
3255.645326

2000

2003
2004
2005
2006
2007
2008
2009

3272.673673

EXPORT
PRICE
PROJECTED
1359.809
11432.58685
1580.774
7686.174094
2218.955 -3939.76134
2710.165
193.3485857
1681.197 3553.064169
4131.413 7299.476923
3420.953 11045.88968
3461.13 14792.30243
2843.458 18538.71519
2858.232 22285.12794

PRICE

IMPORT
PROJECTED

4106.857

5622.678543

4135.009

6025.869629

4827.098

6429.060716

5043.912

6832.251802

5656.635
7970.27
15541.16
11865.63
10633.56
9479.484

7235.442889
7638.633975
8041.825062
8445.016148
8848.207234
9251.398321

2010
2011
2012
2013
2014

3354.564
3256.652
3596.299
4371.904
2469.938

3253.212705
3250.780085
3248.347464
3245.914843
3243.482222

1777.322
2093.467
76434.13
104969.5
10344.08

26031.54069
29777.95345
33524.3662
37270.77896
41017.19171

11832.05
9302.149
9630.634
7791.694
8859.099

9654.589407
10057.78049
10460.97158
10864.16267
11267.35375

YEAR
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

PRODUCTION
PRICE
PROJECTED
1695.536 1729.546174
2089.89 1826.608327
1923.617 1923.670481
1896.945 2020.732634
2057.391 2117.794788
2090.009 2214.856941
2227.223 2311.919095
2540.164 2408.981248
2527.093 2506.043402
2542.184 2603.105555
2718.936 2700.167709
2853.411 2797.229862
2841.536 2894.292016
2934.31 2991.354169
3196.474 3088.416323

EXPORT
PRICE
PROJECTED
7533.938 5780.241567
7749.919 5587.42705
5822.134 5394.612533
5520.538 5201.798016
4400.488 5008.983499
3596.236 4816.168982
3680.685 4623.354466
3182.021 4430.539949
2399.974 4237.725432
1565.524 4044.910915
1266.781 3852.096398
2613.474 3659.281881
3021.298 3466.467364
13110.92 3273.652847
994.1661 3080.83833

IMPORT
PRICE
PROJECTED
9838.165
13287.8439
11863.75
13969.4832
13365.93
14651.1225
16899.8
15332.7618
20082.14 16014.40109
17891.71 16696.04039
18805.07 17377.67969
23993.36 18059.31898
17156.71 18740.95828
17649.35 19422.59758
18231.16 20104.23688
20932.26 20785.87617
19109.57 21467.51547
21748.93 22149.15477
23321.87 22830.79407

YEAR
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014

PRODUCTION
PRICE
PROJECTED
13673.33 12972.63412
13569.16 13265.87224
13983.02 13559.11037
13681.39 13852.3485
13883.07 14145.58662
14583.75 14438.82475
14188.78 14732.06288
14072.12
15025.301
14888.3 15318.53913
15424.82 15611.77726
14817.19 15905.01538
16532.03 16198.25351
17445.86 16491.49164
17122.57 16784.72976
17514.12 17077.96789

EXPORT
PRICE
PROJECTED
45431.23 18547.67932
2039.708 19713.47643
22329.61 20879.27355
17816.62 22045.07067
20636.03 23210.86778
25060.66 24376.6649
24679.61 25542.46202
18471.83 26708.25913
21937.38 27874.05625
31644.09 29039.85337
28124.02 30205.65048
26351.69 31371.4476
35686.58 32537.24472
40037.38 33703.04183
40377.43 34868.83895

IMPORT
PRICE
PROJECTED
27816.58 24319.85105
25504.85 24401.48871
15768.87 24483.12637
22580.18 24564.76403
31018.3
24646.40169
20503.06 24728.03935
33630.83 24809.67701
24999.88 24891.31467
15389.26 24972.95233
18213.82 25054.58999
29175.79 25136.22765
35260.42 25217.86531
32008.37 25299.50297
23463.7
25381.14063
18035.8
25462.77829

Qty
800,000
571,000
403,000
506,000
768,000
841,000
1,035,000
881,000
815,000
801,000
557,000
871,000
862,000
1,166,000
1,094,000

Qty
150,000
197,000
163,000
246,000
339,000
288,000
432,000
362,000
358,000
304,000
377,000
370,000
218,000
450,000
496,000

Demand analysis of forest product

LOG
Price
Income
Qhat
3435.135135 3580714
613590.7045
3579.628595 3684340
629241.7914
3397.692183 3818667
643018.1282
3058.189333 4008469
661030.2081
3226.503294 4276941
697945.1758
3248.085714 4481279
724163.1162
3138.728882 4716231
751942.8538
2914.1824
5028288
787440.6496
2934.887324 5237101
814208.9522
2925.268116 5297240
821643.5334
3354.564246 5701539
880335.5338
3256.651515 5910201
904992.878
3596.299213 6305229
960931.6329
4371.904307 6750079
1030858.351
2469.938264 7164017
1049656.492
LUMBER
Price
Income
Qhat
1695.536054 3580714
211,268.67
2089.889823 3684340
231,846.89
1923.616677 3818667
232,535.32
1896.945296 4008469
241,497.02
2057.390731 4276941
261,774.77
2090.008753 4481279
273,775.41
2227.223343 4716231
291,398.70
2540.163749 5028288
319,818.79
2527.092835 5237101
330,302.27
2542.184322 5297240
334,044.85
2718.936118 5701539
362,093.44
2853.411125 5910201
378,228.63
2841.535645 6305229
398,554.04
2934.310401 6750079
425,514.63
3196.473848 7164017
457,346.56

PLYWOOD
Qty
Price
Income
Qhat
286,000 13673.33467 3580714
345,345.45
292,000 13569.16304 3684340
339,515.95

350,000
351,000
386,000
314,000
317,000
281,000
235,000
253,000
276,000
298,000
297,000
199,000
164,000

13983.0152
13681.39432
13883.07294
14583.74568
14188.7845
14072.12343
14888.29636
15424.82087
14817.1919
16532.03132
17445.85646
17122.56763
17514.11673

3818667
4008469
4276941
4481279
4716231
5028288
5237101
5297240
5701539
5910201
6305229
6750079
7164017

336,727.63
325,087.57
314,081.18
310,457.43
295,860.88
280,017.76
277,184.72
278,987.66
254,495.87
259,476.87
248,642.79
224,694.03
208,424.21