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Local value of commodities produced
The value placed on commodities at the point of production (i.e. farm gate). It is calculated by deducting marketing costs from the gross value of commodities produced. Gross and local value of agricultural commodities produced involve some duplication as they include certain agricultural commodities which are consumed as raw materials to produce other agricultural commodities (i.e. hay consumed by livestock).
In general, is the metropolitan market in each state. In cases where commodities are consumed locally, or where they become raw material for a secondary industry, these points are presumed to be the market place.
Value of agricultural commodities produced (VACP)
The value placed on recorded production at wholesale prices realised in the marketplace. Generally referred to as gross value of production.
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