Required Report - public distribution

**Date:** 2/13/2006

**GAIN Report Number:** BG6001

BG6001

**Bangladesh**

**Grain and Feed**

**Annual**

**2006**

**Approved by:**

![](media/image1.wmf)Michael Riedel

U.S. Embassy, New Delhi

**Prepared by:**

Sayed Sarwer Hussain

**Report Highlights:**

MY 2006/07 foodgrain production is forecast at 29.3 million tons (28.2
million tons of rice, and 1.1 million tons of wheat), up three percent
from the 2005/06 estimate. Imports are forecast to climb to 2.8 million
tons (800,000 tons rice, and 2 million tons wheat) from the estimated
2.6 million tons in 2005/06. Although India remains the single largest
supplier of rice and wheat to Bangladesh, buyers there have recently
diversified their import sources, especially for wheat.

Includes PSD Changes: Yes

Includes Trade Matrix: Yes

Annual Report

New Delhi \[IN1\]

\[BG\]

**Table of Contents**

[SECTION I -- SITUATION AND OUTLOOK 3](#section-i-situation-and-outlook)

[RICE 3](#rice)

[Production 3](#production)

[Table 1: Area and production of rice by season
3](#table-1-area-and-production-of-rice-by-season)

[Consumption 3](#consumption)

[Trade 4](#trade)

[Stocks 4](#stocks)

[Policy 4](#policy)

[Marketing 4](#marketing)

[WHEAT 4](#wheat)

[Production 4](#production-1)

[Consumption 5](#consumption-1)

[Trade 5](#trade-1)

[Stocks 5](#stocks-1)

[Policy 5](#policy-1)

[Marketing 5](#marketing-1)

[SECTION II -- STATISTICAL TABLES 6](#section-ii-statistical-tables)

[Table 1: Commodity, Rice Milled, PSD
6](#table-1-commodity-rice-milled-psd)

[Table 2: Commodity, Rice Milled, Import Trade Matrix
7](#table-2-commodity-rice-milled-import-trade-matrix)

[Table 3: Commodity, Rice Milled, Prices Table
8](#table-3-commodity-rice-milled-prices-table)

[Table 4: Commodity, Wheat, PSD Table
9](#table-4-commodity-wheat-psd-table)

[Table 5: Commodity, Wheat, Import Trade Matrix
10](#table-5-commodity-wheat-import-trade-matrix)

[Table 6: Commodity, Wheat, Prices Table
11](#table-6-commodity-wheat-prices-table)

# SECTION I -- SITUATION AND OUTLOOK

## RICE

### Production

Assuming a normal monsoon this summer, MY 2006/07 (July-June) rice
production is forecast at 28.2 million tons from 11.2 million hectares.
Prevailing high domestic prices should support increased planting.

MY 2005/06 rice production is currently estimated at 27.4 million tons,
up 7 percent from the flood-damaged 2004/05 production. High domestic
rice prices led to increased planting and prompted farmers to shift from
traditional low-yielding varieties to high yielding varieties (HYVs) and
hybrids. The first crop, *Aus* (planted in March/April and harvested in
June/July), is estimated at 1.7 million tons in 2005/06. The second
crop, *Aman* (planted in July/August and harvested in
November/December), is estimated at 12.2 million tons, compared to 10
million tons in 2004/05, due to favorable growing conditions. The third
crop, *Boro* (planted in December/January and harvested in April/May),
now at its vegetative stage, is benefiting from favorable weather
conditions. However, a scarcity of fertilizers and the ongoing shortages
of diesel and electricity required to operate tube wells are likely to
adversely affect production, which is currently estimated at 13.5
million tons, as compared to 14.1 million tons in 2004/05.

Area and production estimates of rice, by season, are shown in Table 1.

### Table 1: Area and production of rice by season

+-----------+--------+---------+--------+---------+--------+-----------+
| Crop      | **200  |         | **200  |         | **200  |           |
|           | 4/05** |         | 5/06** |         | 6/07** |           |
|           |        |         |        |         |        |           |
|           | **     |         | **     |         | **     |           |
|           | (Estim |         | (Estim |         | (Forec |           |
|           | ate)** |         | ate)** |         | ast)** |           |
+-----------+--------+---------+--------+---------+--------+-----------+
|           | Area   | Pro     | Area   | Pro     | Area   | P         |
|           |        | duction |        | duction |        | roduction |
|           | (000   |         | (000   |         | (000   |           |
|           | ha)    | (000    | ha)    | (000    | ha)    | (000      |
|           |        | tons)   |        | tons)   |        | tons)     |
+-----------+--------+---------+--------+---------+--------+-----------+
| ##### Aus | 1,100  | 1,500   | 1,090  | 1,700   | 1,000  | 1,600     |
+-----------+--------+---------+--------+---------+--------+-----------+
| *Aman*    | 5,610  | 10,000  | 5,760  | 12,200  | 5,800  | 12,600    |
+-----------+--------+---------+--------+---------+--------+-----------+
| *Boro*    | 4,290  | 14,100  | 4,250  | 13,500  | 4,400  | 14,000    |
+-----------+--------+---------+--------+---------+--------+-----------+
| **Total** | 11,000 | 25,600  | 11,100 | 27,400  | 11,200 | 28,200    |
+-----------+--------+---------+--------+---------+--------+-----------+

### Consumption

MY 2006/07 rice consumption is forecast to increase to 28.8 million
tons, due to the expected increase in domestic production and the
increasing population. Consumption in MY 2005/06 is estimated at 27.9
million tons, up 3.7 percent from the MY 2004/05 level, due to wheat's
inadequate availability and high prices.

Rice prices remained firm in CY 2005, despite a good harvest and
above-normal imports. The average price of coarse rice in December 2005
was Taka 17 (\$0.26) per kilogram, which was about 7 percent higher than
the average December 2004 price. According to trade sources, higher
import costs due to the continued devaluation of the local currency
"Taka" against the US dollar was a major factor behind the higher
prices. The recent open market sales of rice by the government under the
Public Food Distribution System (PFDS) only had a limited impact on
stabilizing prices. Prices are likely to remain firm until the harvest
of *Boro* rice crop in April/May.

### Trade

MY 2006/07 rice imports are forecast at 800,000 tons, which should
bemostly commercial imports from India.

Rice imports in MY 2005/06 are estimated at 750,000 tons, compared with
1.1 million tons in MY 2004/05, when the domestic crop was badly hit by
floods. July through December 2005 imports are estimated at 240,000
tons, compared with 460,000 tons imported during the corresponding
period of 2004. On a calendar year basis, rice imports in 2005 are
estimated at 1.1 million tons, compared with 812,000 tons in 2004. In MY
2004/05, the Government imported about 72,000 tons of rice through
international tenders. Although the government had planned to import
50,000 tons of rice this year, imports appear unlikely in the near term.
Bangladesh's rice imports have slowed, following the discontinuation of
subsidized rice exports from India, the increasing cost of imported
rice, and good domestic harvests.

### Stocks

The Government's MY 2006/07 beginning stocks are estimated at 795,000
tons. Farmers' and private trade-held stocks are believed to be around
5.6 million tons, which typically are not included in the PS&D table.
The government's rice procurement target for MY 2005/06 is 1.0 million
tons, compared with the MY 2004/05 actual procurement of 897,000 tons.
December 31, 2005 stocks with the government are placed at 600,000 tons,
compared to 450,000 tons a year ago. It plans to distribute 880,000 tons
of rice through the PFDS in MY 2005/06, compared with the actual
distribution of 1.1 million tons in MY 2004/05.

### Policy

The present rice tariff structure consists of a 6 percent customs duty,
a 3 percent advance income tax, and a 3.5 percent development surcharge.
Rice imports are exempted from Letter of Credit (LC) margin
requirements. There are no quantitative restrictions on rice imports.

### Marketing

Bangladesh is a price buyer, typically importing lower quality (25% or
more broken), parboiled rice. Most imports are from India due to its
geographical proximity, low cost of transportation, and lower prices
vis-à-vis other origins. There is a small niche market for high quality
rice (basmati or its equivalent) imported from India/Pakistan, as well
as for the local aromatic varieties. Rice imports from the United States
do not appear to be commercially feasible due to relatively high price
of US rice, high freight cost, and long shipping period.

## WHEAT

### Production

MY 2006/07 wheat production is forecast at 1.1 million tons from 600,000
hectares, assuming normal weather conditions. Current high domestic
wheat prices (up 12 percent over the same period last year) should
encourage increased planting. Wheat production in MY2005/06 is estimated
at 1 million tons from 570,000 hectares. With expanding irrigation
coverage, wheat cultivation is facing increased competition from other
more remunerative irrigated crops like HYV *Boro* rice crop, potato,
maize and winter vegetables. However, wheat is still a preferred option
under non-irrigated, less-input conditions.

### Consumption

Higher prices vis-à-vis rice and reduced availability lowered wheat
consumption to 2.9 million tons in 2005/06, from 3.2 million tons in
2004/05. Assuming the present wheat/rice price ratio continues, MY
2006/07 wheat consumption is forecast at 3 million tons.

As the second staple cereal, wheat typically accounts for around 10
percent of the total foodgrain consumption in Bangladesh. Wheat
consumption in rural areas (which accounts for 70 percent of the
country's population) is largely dependent on its availability under the
government PFDS. However, consumption in urban areas is growing
consistently, due to changing food habits and the growing HRI sector.

The average retail prices of white fine flour and \"*atta*\" (coarse
flour) in December 2005 were Taka 24 (\$0.36) and Taka 18 (\$0.27) per
kg, respectively, up 12 percent from last year's level at this time.

### Trade

Wheat imports in MY 2006/07 are forecast at 2 million tons (including
160,000 tons food aid and 100,000 tons public sector imports). Imports
in 2005/06 are estimated at 1.8 million tons, down 10 percent from
2004/05 imports, due mainly to reduced availability from India. About
800,000 tons of wheat has reportedly arrived from July through December
2005, compared to 1.0 million tons during the corresponding period of
2004.

### 

### Stocks

Due to lower domestic production and imports, wheat stocks with the
government at the beginning of MY 2006/07 are projected at 93,000 tons.
Domestic wheat procurement by the government in 2004/05 was only 2,000
tons (against a target of 50,000 tons), due to the lower support price
vis-à-vis the open market price. The government's wheat procurement
target for MY 2005/06 is 75,000 tons, which is unlikely to be achieved
unless the procurement price is raised. Wheat stocks with traders and
farmers, which are not included in the PS&D table, are estimated at
around 66,000 tons in the beginning of 2006/07.

### Policy

There are no quantitative restrictions on wheat imports. Wheat imports
are exempted from the mandatory Letter of Credit margin. Wheat imports
attract a 6 percent customs duty, a 3 percent advance income tax, and a
2.5 percent infrastructure development surcharge.

### 

### Marketing 

Bangladesh is predominantly a market for low quality, low priced wheat.
India is the preferred origin, due to lower price and freight advantage.
Australia and Canada are traditional sources for higher-quality wheat.
Following the slowing of cheap wheat supplies from India in recent
years, Bangladeshi importers have started looking to other sources like
Russia, Ukraine, and Romania for cheaper wheat. Interest in US wheat is
also increasing. However, unfavorable contract terms for US suppliers
and Bangladesh's inability to import economically viable quantities from
the United States are constraints. Bangladeshi buyers are usually
willing to pay a premium of around \$10-12 per ton for US wheat. The US
Wheat Associates' efforts to address the issues of acceptable contract
terms and pricing should be continued.

# SECTION II -- STATISTICAL TABLES

## Table 1: Commodity, Rice Milled, PSD

  ------------------- ---------------- ------------ -------- ------------ ----- ------------ --------------
  **PSD Table**                                                                              

  **Country:**        **Bangladesh**                                                         

  **Commodity:**      **Rice, Milled**                                                       

                                       **2004**              **2005**           **2006**     UOM

                      Old              New          Old      New          Old   New          

  **Market Year                        **Jul-04**            **Jul-05**         **Jul-06**   (MONTH/YEAR)
  Begin**                                                                                    

  Area Harvested      11,000           11,000       11,100   11,100       0     11,200       (1000
                                                                                             Hectares)

  Beginning Stocks    744              725          469      545          0     795          (1000 MT)

  Milled Production   25,900           25,600       26,700   27,400       0     28,200       (1000 MT)

  Rough Production    38,854           38,404       40,054   41,104       0     42,304       (1000 MT)

  Milling Rate(.9999) 6,666            6,666        6,666    6,666        0     6,666        (1000 MT)

  TOTAL Imports       725              1,120        650      750          0     800          (1000 MT)

  Jan-Dec Imports     800              812          650      1,048        0     700          (1000 MT)

  Jan-Dec Import U.S. 0                0            0        0            0     0            (1000 MT)

  **TOTAL SUPPLY**    27,369           27,445       27,819   28,695       0     29,795       (1000 MT)

  TOTAL Exports       0                0            0        0            0     0            (1000 MT)

  Jan-Dec Exports     0                0            0        0            0     0            (1000 MT)

  TOTAL Dom.          26,900           26,900       27,250   27,900       0     28,800       (1000 MT)
  Consumption                                                                                

  Ending Stocks       469              545          569      795          0     995          (1000 MT)

  **TOTAL             27,369           27,445       27,819   28,695       0     29,795       (1000 MT)
  DISTRIBUTION**                                                                             
  ------------------- ---------------- ------------ -------- ------------ ----- ------------ --------------

## Table 2: Commodity, Rice Milled, Import Trade Matrix

+------------------------+-----------------+------------+-------------+
| **Import Trade         |                 |            |             |
| Matrix**               |                 |            |             |
+------------------------+-----------------+------------+-------------+
| **Country:**           | ##              | Units:     | Metric Tons |
|                        | #### Bangladesh |            |             |
+------------------------+-----------------+------------+-------------+
| **Commodity:**         | **Rice,         |            |             |
|                        | Milled**        |            |             |
+------------------------+-----------------+------------+-------------+
| **Time period:**       | ** **           |            |             |
+------------------------+-----------------+------------+-------------+
| **Imports for**        | **2004**        |            | **2005**    |
+------------------------+-----------------+------------+-------------+
| U.S.                   |                 | U.S.       |             |
+------------------------+-----------------+------------+-------------+
| Others                 |                 | Others     |             |
+------------------------+-----------------+------------+-------------+
| India                  | 698000          | India      | 914000      |
+------------------------+-----------------+------------+-------------+
| Pakistan               | 18000           | Pakistan   | 27000       |
+------------------------+-----------------+------------+-------------+
| Thailand               | 30000           | Thailand   | 26000       |
+------------------------+-----------------+------------+-------------+
| Vietnam                | 12000           | Vietnam    | 16000       |
+------------------------+-----------------+------------+-------------+
| Myanmer                | 24000           | Myanmer    | 30000       |
+------------------------+-----------------+------------+-------------+
|                        |                 |            |             |
+------------------------+-----------------+------------+-------------+
|                        |                 |            |             |
+------------------------+-----------------+------------+-------------+
|                        |                 |            |             |
+------------------------+-----------------+------------+-------------+
|                        |                 |            |             |
+------------------------+-----------------+------------+-------------+
|                        |                 |            |             |
+------------------------+-----------------+------------+-------------+
| **Total for Others**   | 782000          |            | 1013000     |
+------------------------+-----------------+------------+-------------+
| **Others not listed**  | 30000           |            | 35000       |
+------------------------+-----------------+------------+-------------+
| **Grand Total**        | 812000          |            | 1048000     |
+------------------------+-----------------+------------+-------------+

## Table 3: Commodity, Rice Milled, Prices Table

  ------------------- ---------------- --------------------- ----------------
  **Prices Table**                                           

  **Country:**        **Bangladesh**                         

  **Commodity:**      **Rice, Milled**                       

  Year:               2005                                   

                                                             

  Prices in           Taka             per (uom)             metric ton
  (currency)                                                 

                                                              

  Year                2004             2005                  \% Change

  Jan                 13800            16450                 19.2%

  Feb                 14100            16560                 17.4%

  Mar                 14000            16250                 16.1%

  Apr                 13700            15320                 11.8%

  May                 13200            14800                 12.1%

  Jun                 13500            15220                 12.7%

  Jul                 13440            16040                 19.3%

  Aug                 13740            15980                 16.3%

  Sep                 14690            15890                 8.2%

  Oct                 15260            15810                 3.6%

  Nov                 15150            16500                 8.9%

  Dec                 15890            17000                 7.0%

                                                              

  Exchange Rate       66               (Local currency/US     
                                       \$)                   

  Date of Quote       07-Feb-06        (MM/DD/YY)             
  ------------------- ---------------- --------------------- ----------------

## Table 4: Commodity, Wheat, PSD Table

+-------------------+---------+-----+----+-----+---+----+-----------+
| **PSD Table**     |         |     |    |     |   |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| **Country:**      | **Bangl |     |    |     |   |    |           |
|                   | adesh** |     |    |     |   |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| **Commodity:**    | #####   |     |    |     |   |    |           |
|                   | # Wheat |     |    |     |   |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
|                   |         | **  |    | **  |   | ** | UOM       |
|                   |         | 200 |    | 200 |   | 20 |           |
|                   |         | 4** |    | 5** |   | 06 |           |
|                   |         |     |    |     |   | ** |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
|                   | Old     | New | O  | New | O | N  |           |
|                   |         |     | ld |     | l | ew |           |
|                   |         |     |    |     | d |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| **Market Year     |         | *   |    | *   |   | ** | (MO       |
| Begin**           |         | *Ju |    | *Ju |   | Ju | NTH/YEAR) |
|                   |         | l-0 |    | l-0 |   | l- |           |
|                   |         | 4** |    | 5** |   | 06 |           |
|                   |         |     |    |     |   | ** |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Area Harvested    | 600     | 556 | 6  | 570 | 0 | 6  | (1000     |
|                   |         |     | 00 |     |   | 00 | Hectares) |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Beginning Stocks  | 358     | 358 | 1  | 143 | 0 | 93 | (1000 MT) |
|                   |         |     | 43 |     |   |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Production        | 976     | 976 | 12 | 1   | 0 | 11 | (1000 MT) |
|                   |         |     | 00 | 000 |   | 00 |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| TOTAL Mkt. Yr.    | 2009    | 2   | 21 | 1   | 0 | 20 | (1000 MT) |
| Imports           |         | 009 | 00 | 800 |   | 00 |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Jul-Jun Imports   | 2009    | 2   | 21 | 1   | 0 | 20 | (1000 MT) |
|                   |         | 009 | 00 | 800 |   | 00 |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Jul-Jun Import    | **78**  | **7 | *  | **7 | * | *  | (1000 MT) |
| U.S.              |         | 0** | *0 | 0** | * | *1 |           |
|                   |         |     | ** |     | 0 | 00 |           |
|                   |         |     |    |     | * | ** |           |
|                   |         |     |    |     | * |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| **TOTAL SUPPLY**  | 3343    | **  | 34 | **  | 0 | ** | (1000 MT) |
|                   |         | 334 | 43 | 294 |   | 31 |           |
|                   |         | 3** |    | 3** |   | 93 |           |
|                   |         |     |    |     |   | ** |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| TOTAL Mkt. Yr.    | 0       | 0   | 0  | 0   | 0 | 0  | (1000 MT) |
| Exports           |         |     |    |     |   |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Jul-Jun Exports   | 0       | 0   | 0  | 0   | 0 | 0  | (1000 MT) |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Feed Dom.         | 0       | 0   | 0  | 0   | 0 | 0  | (1000 MT) |
| Consumption       |         |     |    |     |   |    |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| TOTAL Dom.        | 3200    | 3   | 32 | 2   | 0 | 30 | (1000 MT) |
| Consumption       |         | 200 | 50 | 850 |   | 00 |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| Ending Stocks     | 143     | 143 | 1  | 93  | 0 | 1  | (1000 MT) |
|                   |         |     | 93 |     |   | 93 |           |
+-------------------+---------+-----+----+-----+---+----+-----------+
| **TOTAL           | 3343    | **  | 34 | **  | 0 | ** | (1000 MT) |
| DISTRIBUTION**    |         | 334 | 43 | 294 |   | 31 |           |
|                   |         | 3** |    | 3** |   | 93 |           |
|                   |         |     |    |     |   | ** |           |
+-------------------+---------+-----+----+-----+---+----+-----------+

## Table 5: Commodity, Wheat, Import Trade Matrix

+----------------------+---------------+-----------------+-------------+
| **Import Trade       |               |                 |             |
| Matrix**             |               |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Country:**         | *             | Units:          | Metric tons |
|                      | *Bangladesh** |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Commodity:**       | ###### Wheat  |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Time period:**     | **Jul/Jun**   |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Imports for**      | **2004**      |                 | **2005**    |
+----------------------+---------------+-----------------+-------------+
|                      |               |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Concessional**     |               | *               |             |
|                      |               | *Concessional** |             |
+----------------------+---------------+-----------------+-------------+
| USA                  | 70,000        | USA             | 70,000      |
+----------------------+---------------+-----------------+-------------+
| WFP                  | 120,000       | WFP             | 32,000      |
+----------------------+---------------+-----------------+-------------+
| Australia            | 46,000        | Australia       | 58,000      |
+----------------------+---------------+-----------------+-------------+
| Canada               | 53,000        |                 |             |
+----------------------+---------------+-----------------+-------------+
| EU                   | 0             |                 |             |
+----------------------+---------------+-----------------+-------------+
|                      |               |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Commercial 1/**    |               | **Commercial    |             |
|                      |               | 1/**            |             |
+----------------------+---------------+-----------------+-------------+
| India                | 1,120,000     | India           | 780,000     |
+----------------------+---------------+-----------------+-------------+
| Canada               | 100,000       | Canada          | 100,000     |
+----------------------+---------------+-----------------+-------------+
| Australia            | 300,000       | Australia       | 300,000     |
+----------------------+---------------+-----------------+-------------+
| Argentina            | 48,000        | Argentina       | 55,000      |
+----------------------+---------------+-----------------+-------------+
| Pakistan             | 42,000        | Pakistan        | 45,000      |
+----------------------+---------------+-----------------+-------------+
|                      |               | Russia          | 46,000      |
+----------------------+---------------+-----------------+-------------+
|                      |               | Rumania         | 60,000      |
+----------------------+---------------+-----------------+-------------+
|                      |               | Ukraine         | 124,000     |
+----------------------+---------------+-----------------+-------------+
|                      |               | Singapore       | 30,000      |
+----------------------+---------------+-----------------+-------------+
|                      |               |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Total for Others** | 1,899,000     |                 | 1,700,000   |
+----------------------+---------------+-----------------+-------------+
| **Others not         | 110,000       |                 | 100,000     |
| listed**             |               |                 |             |
+----------------------+---------------+-----------------+-------------+
| **Grand Total**      | 2,009,000     |                 | 1,800,000   |
+----------------------+---------------+-----------------+-------------+

## Table 6: Commodity, Wheat, Prices Table

  ----------------------- ---------------- ------------- -------------------
  **Prices Table**                                       

  **Country:**            **Bangladesh**                 

  **Commodity:**          **Wheat**                      

  Year:                   2005                           

                                                         

  Prices in (currency)    Taka             per (uom)     metric ton

                                                         

  Year                    2004             2005          \% Change

  Jan                     10270            13070         27.3%

  Feb                     11310            13280         17.4%

  Mar                     11120            12970         16.6%

  Apr                     11470            12650         10.3%

  May                     11470            12680         10.5%

  Jun                     11370            12960         14.0%

  Jul                     11870            13560         14.2%

  Aug                     11980            13530         12.9%

  Sep                     12410            13620         9.8%

  Oct                     12570            14170         12.7%

  Nov                     12510            14250         13.9%

  Dec                     12820            14300         11.5%

                                                         

  Exchange Rate           66               (Local        
                                           currency/US   
                                           \$)           

  Date of Quote           08-Feb-06        (MM/DD/YY)    
  ----------------------- ---------------- ------------- -------------------