May 16, 2007. /Lesprom Network/. Between 2002 and 2006 total US imports of tropical and temperate hardwood lumber (excluding logs, chips, veneer, plywood and other panel products) grew from 1.6 million cubic meters to 1.9 million cubic meters in 2005, falling steeply to 1.4 million cubic meters in 2006, down 7.2% from 2002, ITTO reported. The 2006 decline was a clear reflection of the slowing US economy and sagging housing market. Imported hardwood lumber experienced substantial price increases during the period. Setting the price index at 100 in 2002, it advanced to 131 in 2006, due partially to the weakening of the US dollar. Due to the steep price increase, the import-value grew even though the volume declined. The value-growth rate between 2002 and 2006 was an estimated 21.3%. The total value of US hardwood lumber imports stood at $567 million in 2006. Temperate hardwoods account for most of US hardwood lumber imports, with a share of 88% and 77% on quantity and value basis, respectively. After several years of decline, the temperate hardwood shares in 2006 were slightly higher than in 2002. The most imported temperate hardwood species are poplar, aspen and similar species. However, the import of these species has been declining, both in absolute and in relative terms during the period. Due to its lofty price, the highest import value belongs to maple. In spite of generally declining imports of overall temperate hardwood lumber, maple was able to hold its volume approximately at the same level and even improve it in value terms compared to 2002. The 2006 volume of US tropical hardwood imports stood at 176 806 cubic meters, down from 231 615 cubic meters in 2002. The share of tropical hardwood imports fluctuates with the economic cycle in the USA. On a volume basis, it has been advancing for several years but fell significantly to 12% in 2006, down from 19% in 2005 and 15% in 2002. Tropical hardwoods fetch a sizeable price premium in the USA in comparison to imported temperate hardwoods. Nevertheless, during the period under review, prices of imported tropical woods grew relatively by much less than prices of imported temperate woods. The price premium of tropical woods is rather volatile. In 2002, the average price for tropical woods was almost three times as high as the one for imported temperate woods. By 2006, tropical prices were only twice as high as temperate prices. Even though the average price of tropical hardwood lumber is much higher than the average price of imported temperate hardwood lumber, there are several temperate species that rival or even exceed the prices of tropical species. These include, above all, cherry and walnut, averaging about $850 per cubic meters in 2006. In view of the relatively high average prices of tropical hardwoods, their share of total hardwood imports is much higher than their volume share. However, due to the often diverging price trends of tropical and temperate species, the value share of tropical hardwoods in relation to total hardwood imports is subject to significant variations. It reached around 34% in 2002-2005 but fell to 23% last year. The most common tropical species imported by the USA include mahogany (mainly from Peru), balsa (mainly from Ecuador) and red meranti (mainly from Malaysia).