Dairy Disputes in North America: A Case Study
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Transcript Dairy Disputes in North America: A Case Study
Dairy Disputes in North America:
A Case Study
Tom Cox
University of Wisconsin-Madison
Danny Le Roy
The University of Lethbridge
Ellen Goddard
University of Melbourne
Introduction
Analyses of three disputes
Comparison of US and Canadian dairy
policy
Summary
2
Comparison of US and Canadian
Dairy Policies: Similarities
Dairy versus Total Agricultural Producer
Support: OECD PSE Measures.
Border Protection:
– TRQ’s: Quotas, Within and Over Quota Tariffs.
Export Subsidies.
Intervention Prices/Price Supports.
Classified Pricing.
– Provincial versus Federal/California MMOs.
Regionalism !!!
3
Comparison of US and Canadian
Dairy Policies: Key Differences
Milk Production Quotas.
– Basis for Two-Tiered Export Pricing via Class
Vd/Ve.
– Clever Way to “Buy Off” Pressure to
Increase/Eliminate Quotas ???
• But, via WTO Ruling, Not Clever Enough !!!
– Difference with US Classified Pricing ???
• US Pricing Not Targeted to Export Market !!!
– Dynamic Growth versus Stagnant Quota Industry
Implications ???
Level of Protection and Domestic Pricing.
4
OECD Producer Subsidy Equivalents (%)
80
Canada
OECD average
United States
70
60
50
40
30
20
10
0
Milk 92-94
Milk 95
All AG 92-94
All AG 95
5
OECD Producer Subsidy Equivalents (%)
1995
100
90
Milk
All Ag
80
70
60
50
40
30
20
10
0
New
Australia
Zealand
EU
Japan
Canada
United
States
OECD
average
6
GATT Increased Import (Quota) Access
1000 MT
BASE
W. Europe GATT 2000
BASE
Japan GATT 2000
BASE
Canada GATT 2000
BASE
USA GATT 2000
BASE
Mexico GATT 2000
Cheese
37.1
123.1
N/A
N/A
20.4
20.4
116.4
136.4
9.4
9.4
Butter/Butteroil
79.5
91.3
3.5
3.5
2.0
3.3
7.5
13.1
0.0
0.0
Skim Milk Powder Whole Milk Powder
41.2
0.7
69.2
1.1
99.8
0.0
99.8
0.0
0.9
0.0
0.9
0.0
1.3
0.5
5.3
3.4
56.0
24.0
56.0
24.0
Notes:
A. Data source: International Dairy Arrangement, Fifteenth Annual Report. November 1994.
B. BASE and GATT 2000 follow the URA of the GATT, assume linear changes.
7
GATT Import Tariff Reductions
Cheese
US$/MT
W. Europe
Canada
USA
Mexico
BASE
GATT 2000
BASE
GATT 2000
BASE
plus
GATT 2000
plus
BASE
GATT 2000
specific duties
specific duties
ad valorem
spcific duties
ad valorem
specific duties
ad valorem
Butter/Butteroil
SMP
WMP
In-Q
Over-Q
In-Q
Over-Q
In-Q
Over-Q
In-Q
Over-Q
547
768
56
24
10.5%
0
10.5%
0
50%
49%
3,643
2,362
3,794
3,231
0.0%
1,924
0.0%
1,636
95%
89%
1,189
1,225
193
83
5.0%
62
4.3%
62
35%
31%
3,971
2,572
3,483
2,915
5.0%
2,004
4.3%
1,703
35%
31%
639
632
48
21
0.0%
33
0.0%
33
0%
0%
1,956
1,561
1,720
1,462
0.0%
1,018
0.0%
865
139%
131%
1,773
1,760
48
21
0.0%
68
0.0%
68
0%
0%
4,102
3,486
3,315
2,820
0.0%
1,320
0.0%
1,122
139%
131%
Notes:
A. Data source: International Dairy Arrangement, Fifteenth Annual Report. November 1994.
B. BASE and GATT 2000 follow the URA of the GATT, assume linear changes.
C. Under the URA, the tariff rates on the increased cheese and butter import quotas (called minimum accesss) are higher than the tariff
rates on the initial tariff quotas (called current access), thus, the average tariff rates on cheese and butter in year 2000 increases from the
BASE rates.
8
GATT Reduced Subsidy Commitments
Cheese
1000 MT
West Europe
E. Europe/FSU
Australia
Canada
USA
West Europe
E. Europe/FSU
Australia
Canada
USA
BASE
Butter/Butteroil
GATT 2000
BASE
GATT 2000
563
431
15
13
72
50
12
9
4
3
Skim Milk Powder
513
407
17
15
64
39
9
4
47
21
Whole Milk Powder
BASE
GATT 2000
BASE
GATT 2000
374
145
106
55
116
298
119
68
45
68
594
0
102
6
15
480
0
65
5
0
NOTES:
A. Data source: International Dairy Arrangement, Fifteenth Annual Report.
November 1994.
B. BASE and GATT 2000 follow the URA of the GATT, assume linear changes.
9
US/Canada Intervention Prices
Policy Prices and World Prices by Commodity (US$/MT)
FAPRI 1999 World Outlook
Butter
EU Intervention
U.S. CCC Purchase
U.S. Wholesale
FOB Northern Europe
Canadian Support
Canadian Retail
Australian Export
Milk
3,798
1,433
3,254
1,798
3,608
4,294
1,516
US$/MT
Nonfat Dry
Milk
2,378
2,225
2,258
1,260
2,987
6,845
1,367
US$/cwt
EU Target
35.51
16.10
U.S. Support
21.83
9.90
U.S. Farm
26.96
12.23
Canadian Target, Industrial
37.64
17.07
Canadian Fluid Milk, Ontario
41.56
18.85
Australian Industrial Milk
15.88
7.20
Australian Fluid Milk
33.38
15.14
SOURCE: http://www.fapri.iastate.edu/outlook99/
Cheese
-2,426
2,980
2,316
5,475
8,264
2,564
Relative to
Australian
Industrial
Price
123.6%
37.5%
69.8%
137.1%
161.8%
0.0%
110.2%
10
Dairy Disputes
US typically initiates action against
Canada
– Ice cream and yoghurt
– Conversion of import quotas to tariffs
– Canadian classified pricing
11
Ice Cream and Yoghurt
Background
• CUSTA
• Consumption trends
Action
• Import Control List
• GATT panel
Outcome
• Import controls converted to tariffs
12
Ice Cream and Yogurt
Evidence of the costs
– Imports of Ice Cream into Canada 1994-98
13
Ice Cream and Yoghurt
Year
Imports
Production
Imports/production
1998
1997
1996
650
569
494
172,382
173,924
181,589
0.4%
0.3%
0.3%
14
Ice Cream and Yogurt
Evidence of Costs
– Imports of yoghurt into Canada 1994-98
15
Ice Cream and Yoghurt
Year
1999
1998
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
Yoghurt production and imports
(000) kgs
Imports
Production
Imports/production
339
428
307
224
300
380
587
518
325
322
801
1,146
114,788
110,893
101,592
100,090
95,190
95,412
92,565
87,791
89,220
90,940
91,086
87,567
0.3%
0.4%
0.3%
0.2%
0.3%
0.4%
0.6%
0.6%
0.4%
0.4%
0.9%
1.3%
16
Tariffication
Background
• CUSTA, NAFTA, GATT and WTO
• Article XI.2.c
Action
• Import quotas converted to tariffs
• NAFTA challenge
Outcome
• Tariffication conformed fully with NAFTA
17
Tariffication
Evidence of costs
• 1$ billion (United States Dairy Export Council)
• Meilke, Sarker and Le Roy (1998)
– Welfare gains (C$331 m)
» gains to consumers and taxpayers larger than
losses to producers
18
Canadian Classified Pricing
Background
• Levies to fund Canadian Exports
• Special Milk Classes Scheme
Action
• US, NZ claimed new CDN pricing system
subsidizes exports (5d & 5e)
• WTO panel
Outcome
• Panel ruled in favour of the complainants
• 5d/5e in violation of WTO Agreement on
Agriculture Articles 9.1(a) and 9.1(c)
19
Canadian Classified Pricing
20
Canadian Classified Pricing
DAIRY YEAR 1999/2000
MILK UTILIZATION BY CLASS
CUMULATIVE (AUGUST 1999 TO DECEMBER 1999)
I-V
Ia
Ib
Ic
Id
II -V
II
IIIa
IIIb
IV(a-d)
IVa
IVb
IVc
IVd
Va
Vb
Vc
Vd
Ve
97/99
98/99
99/00
1.3%
33.6%
1.9%
1.8%
0.1%
2.8%
3.8%
20.0%
13.6%
0.3%
4.2%
0.6%
0.0%
0.6%
2.2%
1.1%
1.2%
4.2%
6.6%
1.3%
33.7%
2.0%
1.9%
0.1%
3.9%
3.3%
20.1%
12.9%
0.3%
4.3%
0.6%
0.0%
0.6%
1.5%
0.9%
1.2%
5.4%
6.1%
35.1%
2.3%
2.3%
0.1%
4.0%
3.5%
19.7%
12.9%
0.1%
3.2%
0.5%
0.0%
0.7%
2.4%
1.1%
1.4%
4.8%
4.7%
21
Canadian Classified Pricing
Canadian Exports of Selected Dairy Products, 1995-97.
Product
Butter
Skim Milk
Powder
Outlay
Dairy Year Ceiling
(C$'000)
1995/96
$38,874
1996/97
$33,304
Quantity
Ceiling
(MT)
9,464
8,271
Quantity
Exported
(MT)
14,845
11,639
Quantity
Notified
(MT)
4,429
% Change:
Exported/
Ceiling
57%
41%
38,073
-30%
1995/96
$45,750
54,910
38,444
1996/97
$42,830
52,919
25,172
Cheese
1995/96
1996/97
$26,852
$26,327
12,448
11,773
13,751
20,335
0
10%
73%
Other Milk
Products
1995/96
$33,054
36,990
37,289
0
1%
1996/97
$30,944
35,649
62,846
-52%
76%
NOTES:
Dairy Year: August-July.
Base Outlay: Average budget outlay for export subsidies for 1986-90.
Base Quantity: Average quantity of subsidized exports for 1986-90.
Outlay and Quantity Ceilings - Canada Country Schedule.
Quantity Exported – TIERS
Quantity Notifie d to WTO: 1995/96 Canadian Export Subsidy Notification
SOURCE: 1997 Annual Ag Attaché Report, USDA/FAS.
22
Canadian Classified Pricing
Canadian Classified Pricing "Wedges" (Can$/hl):
1997-98 Dairy Year
50
1997-98 Average Milk Price: C$52.30/hl
40
30
20
10
(20)
(30)
(40)
Ve
To
ta
l
Vd
Vc
Vb
Va
IV
d
IV
c
IV
b
IV
a
III
b
III
a
II
Id
Ic
Ib
(10)
Ia
0
IIIb (Cheddar) Base
Ve (Surplus Removal) Base
23
Canadian Classified Pricing
Canadian Classified Pricing "Wedges":
1997-98 Dairy Year
200%
IIIb (Cheddar) Base
Ve (Surplus Removal) Base
150%
100%
50%
Ve
To
ta
l
Vd
Vc
Vb
Va
IV
c
IV
d
III
a
III
b
IV
a
IV
b
II
Id
Ic
Ib
Ia
0%
-50%
-100%
24
Canadian Classified Pricing
Costs
– Loss of millions in sales
• through exports
• domestic prices
– Increase (maintain ???) US-Canada dairy
trade tensions.
– Increase quota management tensions
•
•
•
•
Need to decrease production (enforce quotas)
Or WTO legally increase exports
Rock and a hard spot ???
US MMO relevance ???
25
US Classified Pricing
Commodity Share of 1995 US Wholesale Component Utilization
PROTEIN LACTOSE
36%
40%
5%
4%
8%
9%
29%
2%
SNF
38%
4%
9%
14%
TOTAL
SOLIDS
32%
6%
12%
20%
FLUID PRODUCTS
SOFT PRODUCTS
FROZEN PRODUCTS
TOTAL CHEESE
FAT
19%
11%
19%
32%
- AMERICAN CHEESE
- ITALIAN CHEESE
- OTHER CHEESE
18%
11%
3%
15%
11%
3%
1%
1%
0%
7%
6%
1%
11%
7%
2%
BUTTER
NONFAT DRY MILK
RESIDUAL MANUFACTURED
18%
0%
1%
0%
9%
12%
0%
10%
35%
0%
9%
25%
6%
7%
17%
26
Canadian Classified Pricing
DAIRY YEAR 1999/2000
MILK UTILIZATION BY CLASS
CUMULATIVE (AUGUST 1999 TO DECEMBER 1999)
Milk Class
Ia
Ib
Ic
II
IIIa
IIIb
IVa
IVb
IVc
IVd
Va
Vb
Vc
Vd
Ve
TOTAL
Class Fat
Share
Class
Protein
Share
Class Other
Solids Share
15.0%
8.8%
0.6%
8.4%
16.5%
17.5%
18.3%
0.7%
0.0%
0.2%
2.0%
2.1%
1.5%
2.1%
4.9%
100.0%
30.6%
1.7%
2.3%
4.0%
20.9%
16.2%
3.7%
0.8%
0.0%
0.5%
2.8%
1.2%
1.7%
6.5%
5.5%
100.0%
31.0%
1.8%
1.9%
4.0%
20.7%
16.1%
3.6%
0.8%
0.0%
0.4%
2.9%
1.2%
1.7%
6.6%
5.7%
100.0%
27
US Classified Pricing
US Classified Pricing Wedges (US$/cwt)
8.00
FMMO Cheese Based
FMMO SMP Based
World Price Based
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
FMMO FMMO FMMO FMMO
Class I Class I Class III Class
Min Actual (MW)
IIIA
CAL
CAL
CAL
Class 1 Class 2 Class 3
CAL
Class
4b
CAL
Class
4a
28
US Classified Pricing
US Classified Pricing Wedges
120%
110%
100%
FMMO Cheese Based
FMMO SMP Based
World Price Based
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10% FMMO FMMO FMMO FMMO
-20% Class I Class I Class Class
Min Actual
III
IIIA
-30%
(MW)
CAL
CAL
CAL
Class 1 Class 2 Class 3
CAL
Class
4b
CAL
Class
4a
29
Canadian Classified Pricing
Canadian Classified Pricing "Wedges":
1997-98 Dairy Year
200%
IIIb (Cheddar) Base
Ve (Surplus Removal) Base
150%
100%
50%
Ve
To
ta
l
Vd
Vc
Vb
Va
IV
c
IV
d
III
a
III
b
IV
a
IV
b
II
Id
Ic
Ib
Ia
0%
-50%
-100%
30
Summary
Policies similarities, differences
Case studies
• Yogurt & Ice Cream
• Tariffication
• Special Class Pricing
Economic Evidence
• Full World Dairy Sector Deregulation; US MMO
Deregulation.
• A US-Canada dairy trade liberalization:
– work in progress ….
31
Source: www.econ.ag.gov:80/briefing/wto/issues/uraa.htm 32
Table 1. Percentage PSE and CSE, by Country1.
Percentage PSE
Milk
Percentage CSE
All PSE
Commodities
Milk
All CSE Commodities
1986
-88
1992
-94
1995
1986
-88
1992
-94
1995
1986
-88
199294
1995
1986
-88
199294
1995
Australia
Canada
31
77
29
72
25
57
10
51
10
32
10
22
-31
-63
-29
-58
-23
-46
-9
-35
-7
-20
-6
-12
EU
64
90
12
65
66
62
88
2
54
62
60
88
1
38
60
48
73
18
30
48
48
74
3
21
42
49
76
3
13
40
-54
-77
-7
-52
-56
-52
-74
0
-48
-53
-47
-70
0
-33
-51
-44
-57
-8
-15
-40
-38
-51
-4
-13
-34
-33
-51
-6
-9
-32
Japan
New Zealand
United States
OECD average
1. Estimate
Source: OECD Secretariat, 1998.
33
Canadian Classified Pricing
MILK PRICES PAID BY PROCESSORS
DAIRY YEAR 1997-98
$ per hl @ 3.6 kg / b.f.
Milk Class
Class Price
Classified Pricing "Wedges": Class Price - Base
IIIb (Cheddar)
Base
Ia
62.19
10.02
Ib
59.26
7.09
Ic
61.18
9.01
Id
52.32
0.15
II
56.37
4.20
IIIa
53.32
1.15
IIIb
52.17
0.00
IVa
51.97
(0.20)
IVb
53.68
1.51
IVc
52.51
0.33
IVd
51.65
(0.52)
Va
39.23
(12.94)
Vb
38.71
(13.47)
Vc
32.57
(19.61)
Vd
24.61
(27.56)
Ve
21.65
(30.52)
Total
52.30
0.13
Source: Canadian Dairy Commission.
(1): Canada does not includes Newfoundland.
Calculations done by the Dairy Section, AAFC.
Ve (Surplus
Removal) Base
Ve (Surplus
Removal) Base
40.54
37.62
39.53
30.67
34.72
31.67
30.52
30.32
32.03
30.86
30.00
17.58
17.06
10.92
2.96
0.00
30.65
187%
174%
183%
142%
160%
146%
141%
140%
148%
143%
139%
81%
79%
50%
14%
0%
142%
34
35
Canadian Classified Pricing
MILK VOLUMES, COMPONENT QUANTITIES AND PRICES
CALENDAR YEAR 1998
VOLUMES DE LAIT ET QUANTITÉ DE COMPOSANTES
B.C.
C. B.
AB.
AB.
ON.
ON.
QUE.
QUÉ.
TOTAL
CANADA
Butterfat (kg)
Protein (kg)
Other Solids (kg)
Price $ per hl
(hl)
I
Ia
Ib
Ic
Id
I Adj./Ajust.
II-V
II
IIIa
IIIb
IV(a&d)
IVa
IVb
IVc
IVd
Va
Vb
Vc
Vd
Ve
OEP
IX
3,133,110
192,725
108,468
4,098
170,247
1,847,879
181,316
121,930
12,725
13,616
11,742
903
14,971
124,874
1,032
5,939,636
2,811,851
156,426
240,843
49,910
2,739,195
56,121
6,054,346
9,507,802
632,014
572,292
971,105
4,648,031
3,181,929
1,766,873
34,399
1,106
159,429
546,419
314,924
409,759
1,083,321
1,277,833
14,515
25,121,750
6,322,836
262,843
158,910
718,365
7,630,446
5,537,187
816,743
494,130
273,491
775,553
250,822
331,415
1,797,238
2,570,432
339,051
24,786
28,304,247
323,686
25,031,565
1,406,286
1,360,012
54,008
2,739,195
2,148,517
15,012,412
9,958,422
203,950
3,213,401
682,533
123,173
495,867
1,361,128
692,971
904,304
3,699,563
4,685,129
423,009
24,786
74,543,915
36,627,064
17,853,184
1,227,871
21,450,455
41,589,261
40,800,872
1,537,276
44,223,596
2,903,084
692,089
2,049,173
4,741,702
4,834,917
3,349,059
9,724,975
14,529,001
1,633,091
96,399
249,863,071
62,654,103
2,988,967
3,234,814
1,805
7,079,715
47,434,168
36,285,054
83,558
10,274,448
3,117,904
10732.3842
1,146,219
4,807,686
2,348,275
2,995,534
13,832,334
16,899,786
1,457,009
86,871
216,738,980
106,371,886
4,971,625
5,537,831
1,576
12,099,823
79,135,764
61,909,182
143,580
17,757,877
5,043,285
83,940
1,813,651
7,875,123
3,894,291
5,077,128
23,759,595
26,897,035
2,101,528
136,824
364,611,545
62.19
59.26
61.18
52.32
56.37
53.32
52.17
51.97
53.68
52.51
51.65
39.23
38.71
32.57
24.61
21.65
52.30
36
Canadian Classified Pricing
MILK VOLUMES, COMPONENT QUANTITIES AND PRICES
CALENDAR YEAR 1999 (Jan - Nov)
VOLUMES DE LAIT ET QUANTITÉ DE COMPOSANTES
B.C.
C. B.
Ia
Ib
Ic
Id
II-V
II
IIIa
IIIb
IV(a&d)
IVa
IVb
IVc
IVd
Va
Vb
Vc
Vd
Ve
Total
OEP
2,962,778
186,914
119,667
3,188
145,229
1,738,613
157,354
96,197
5,834
16,869
647
12,467
11,820
5,457,578
-
AB.
AB.
ON.
ON.
(hl)
2,594,669
8,662,206
144,733
648,985
201,697
586,894
48,825
2,821,566
1,339,188
4,094,732
3,013,703
1,144,818
69,107
87,806
410,122
278,140
390,155
1,144,922
1,362,623
5,811,490
23,232,481
-
QUE.
QUÉ.
5,737,817
263,017
121,666
720,450
6,710,269
4,720,726
613,615
360,582
104,590
754,534
336,944
366,837
1,037,308
3,375,764
25,224,117
-
TOTAL
CANADA
22,781,881
1,393,419
1,264,901
52,014
2,821,566
2471632.749
13,366,391
8,638,958
155,105
2,331,902
429,690
1,010
923,303
639,740
726,370
845,108
2,633,803
5,399,966
67,732,523
-
Butterfat (kg)
32,252,975
17,405,952
1,255,102
20,315,344
35,524,776
38,907,065
44,632,670
2,068,846
7,930
926,820
3,404,429
4,822,042
3,088,388
3,420,350
15,193,727
226,512,766
-
Protein (kg)
55,890,079
2,949,710
3,294,896
7,980,432
39,476,425
31,173,440
7,082,496
1,895,854
6,288
893,698
4,073,459
2,329,000
2,779,839
9,828,018
18,917,407
191,384,391
-
Other Solids (kg) Price $ per hl
97,372,698
5,134,263
5,595,167
13,959,029
68,386,530
54,156,287
12,151,921
3,302,747
10,702
1,522,734
7,214,870
4,087,647
4,902,373
16,976,136
33,234,322
332,840,506
-
37
US Classified Pricing
1995 FMMO and California Classified Prices for Raw Milk: US$/cwt
Cheese Bases Wedges
US Milk Prices @ 3.5% BF
1995 Prices
FMMO Cheese CAL Cheese
Based
Based
SMP Based Wedges
World Market
Based Wedges
FMMO SMP
Based
CAL SMP
Based
World Price
Based
FMMO Class I Min
FMMO Class I Actual
FMMO Class III (MW)
FMMO Class IIIA
14.05
14.69
11.83
11.00
2.22
2.86
0.00
-0.83
2.77
3.41
0.55
-0.28
3.05
3.69
0.83
0.00
3.53
4.17
1.31
0.48
6.85
7.49
4.63
3.80
CAL Class 1
CAL Class 2
CAL Class 3
CAL Class 4b
CAL Class 4a
13.52
11.13
10.94
11.28
10.52
1.69
-0.70
-0.89
-0.55
-1.31
2.24
-0.15
-0.34
0.00
-0.76
2.52
0.13
-0.06
0.28
-0.48
3.00
0.61
0.42
0.76
0.00
6.32
3.93
3.74
4.08
3.32
UMW II/III (A/B)
UMW Class I Min
UMW Class I Actual
12.58
12.93
14.69
0.75
1.10
2.86
1.30
1.65
3.41
1.58
1.93
3.69
2.06
2.41
4.17
5.38
5.73
7.49
Australian Industrial Milk (FAPRI,
1999)
7.20
-4.63
-4.08
-3.80
-3.32
0.00
38
US Classified Pricing
1995 FMMO and California Classified Prices for Raw Milk (%)
Cheese Bases Wedges
US Milk Prices @ 3.5% BF
1995 Prices
FMMO Cheese CAL Cheese
Based
Based
FMMO Class I Min
FMMO Class I Actual
FMMO Class III (MW)
FMMO Class IIIA
14.05
14.69
11.83
11.00
19%
24%
0%
-7%
CAL Class 1
CAL Class 2
CAL Class 3
CAL Class 4b
CAL Class 4a
13.52
11.13
10.94
11.28
10.52
14%
-6%
-8%
-5%
-11%
UMW II/III (A/B)
UMW Class I Min
UMW Class I Actual
12.58
12.93
14.69
6%
9%
24%
Australian Industrial Milk (FAPRI,
1999)
7.20
-39%
SMP Based Wedges
World Market
Based Wedges
FMMO SMP
Based
CAL SMP
Based
World Price
Based
25%
30%
5%
-2%
-100%
20%
-1%
-3%
0%
-7%
-100%
12%
15%
30%
-100%
28%
34%
8%
0%
34%
40%
12%
5%
95%
104%
64%
53%
23%
1%
-1%
3%
-4%
29%
6%
4%
7%
0%
88%
55%
52%
57%
46%
14%
18%
34%
20%
23%
40%
75%
80%
104%
-36%
-35%
-32%
0%
39