February 2014 International Trade (Softwood Lumber)

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Softwood lumber exports increased by 7 MMBF (4.4 percent) in February while imports fell by 27 MMBF (3.1 percent). Exports were 30 MMBF (24.0 percent) above year-earlier levels; imports were 55 MMBF (6.9 percent) higher. 

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Asia (especially China and Japan) retained the “top spot” for U.S. softwood lumber exports in February. China was also the largest single-country destination by a wide margin; year to date (YTD), exports to China were up nearly 67 percent relative to the same period in 2013. Meanwhile, Canada was the overwhelming source of softwood lumber imports into the United States. Imports from Germany, Latvia, and Austria increased markedly. 

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Just 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, Great Lakes customs districts (especially Duluth, MN) handled over two-thirds of the softwood lumber imports coming into the United States.

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Southern yellow pine comprised 22.6 percent of all softwood lumber exports in February, followed by Douglas-fir with 20.3 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.