Plywood exports fell 18% to USD 326.5 million in the first half of 2006, according to the Secretariat of Foreign Trade (SECEX). An unfavourable exchange rate and the decline in wood panel prices in the USA and Europe contributed to the poor performance, according to the Brazilian Association of Mechanically Processed Timber (ABIMCI). Pine plywood prices fell 15% in the last 3 months in the USA, with current average prices at 190 USD/m3, according to ABIMCI. In Europe, prices slid 5% in the same period as a result of the summer vacation, to 225 USD/m3, below production cost of 240 USD/m3. (Source: ITTOs Tropical Timber Market Report)