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Total October exports of $180.5 billion and imports of $222.8 billion resulted in a
goods and services deficit of $42.2 billion, up from $40.3 billion in September. October exports were $6.8 billion less than September exports of $187.3 billion, while imports were $4.9 billion less than September imports of $227.6 billion.
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Paper exports advanced noticeably, rising by 193,000 tons (8.0 percent). Imports rose more modestly, by 58,000 tons (8.2 percent). Exports were 74,000 tons (2.8 percent) lower than a year earlier while imports were unchanged.
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U.S. pulp exports to China are an order of magnitude larger than exports to the next three countries in the list above, and have been relatively stable year-to-date compared to 2011. Asia is the destination for over three-fourths of U.S. pulp exports, with the rest of North America running a distant second.
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Paper and paperboard exports are somewhat more evenly split; the combination of Mexico and Canada receive a little more than one-third of U.S. exports, while Asia (especially India and Japan) is the destination for just under a third.
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Canada supplies over two-thirds of pulp imports into the United States, followed distantly by Brazil.
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Pegging nearly 90 percent, Canada absolutely dominates paper and paperboard imports into the United States.
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Softwood lumber exports rose by 28 MMBF (25.1 percent) in October while imports jumped by 124 MMBF (15.4 percent). Exports were 1 MMBF (0.6 percent) lower than year-earlier levels; imports were 82 MMBF (9.7 percent) lower.
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North America (Canada and Mexico), followed by Asia (especially China and Japan), continue to be the primary destinations for U.S. softwood lumber exports. Meanwhile, Canada is far-and-away the largest source of softwood lumber imports into the United States.
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Just over half of U.S. softwood lumber exports have left the country through West Coast (especially Seattle, WA) customs districts. At the same time, however, Great Lakes customs districts (especially Duluth, MN) have handled most of the softwood lumber imports coming into the United States.
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Douglas-fir has made up nearly one-quarter of all softwood lumber exports so far in 2012, followed by southern yellow pine.
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On a global scale, data compiled by the
Netherlands Bureau for Economic Policy Analysis showed that world trade volume edged up by 0.8 percent in September while prices rose by 1.3 percent. Both indices are confirming tepid demand; volume growth is stalling at the same time prices are trending lower.
The foregoing comments represent the general economic views and analysis of Delphi Advisors, and are provided solely for the purpose of information, instruction and discourse. They do not constitute a solicitation or recommendation regarding any investment.
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