February 2013 International Trade

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February exports of $186.0 billion and imports of $228.9 billion resulted in a goods and services deficit of $43.0 billion, down from $44.5 billion in January (revised). February exports were $1.6 billion (0.9 percent) more than January exports of $184.4 billion, while February imports were $0.1 billion (less than 0.1 percent) more than January imports of $228.9 billion. 

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Exports of pulp, paper and paperboard declined by 235,000 tons (9.1 percent). Imports, also fell by 1,000 tons (0.1 percent). Exports were 118,000 tons (4.8 percent) lower than a year earlier while imports were up by 31,000 tons (4.2 percent). 

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U.S. pulp exports to China were nearly an order of magnitude larger than exports to the second-largest country in the list above (i.e., Mexico). Asia was the destination for over three-fourths of U.S. pulp exports in February, with the rest of North America running a distant second. 

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Paper and paperboard exports were somewhat more evenly split; the combination of Mexico and Canada received nearly one-half of U.S. exports, while Asia (especially India and Japan) was the destination for just over one-quarter. 

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Canada supplied nearly two-thirds of pulp imports into the United States, and Brazil one-third. 

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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 fell by 6 MMBF (4.6 percent) in February while imports added 12 MMBF (1.5 percent). Exports were just 2 MMBF (1.2 percent) above year-earlier levels; imports were 42 MMBF (5.5 percent) higher. 

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Asia took over the “top spot” for U.S. softwood lumber exports in February, although Canada remained the largest single-country destination. Meanwhile, Canada is far-and-away the largest source of softwood lumber imports into the United States. Imports from Romania have increased markedly on both year-over-year and year-to-date change bases. 

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Over half of U.S. softwood lumber exports left the country through West Coast (primarily Seattle, WA) customs districts in February. At the same time, however, Great Lakes customs districts (especially Duluth, MN) handled most of the softwood lumber imports coming into the United States.

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Douglas-fir made up a little more than one-quarter of all softwood lumber exports in February, 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 increased by 1.9 percent in January while prices rose by 0.7 percent.

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.