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Macro Pulse highlights recent activity and events expected to affect the U.S. economy over the next 24 months. While the review is of the entire U.S. economy its particular focus is on developments affecting the Forest Products industry. Everyone with a stake in any level of the sector can benefit from
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Thursday, May 8, 2014

March 2014 International Trade (Softwood Lumber)

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Softwood lumber exports increased by 4 MMBF (2.5 percent) in March while imports jumped by 150 MMBF (17.5 percent). Exports were 22 MMBF (16.0 percent) above year-earlier levels; imports were 15 MMBF (1.4 percent) lower. 
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Asia (especially China and Japan) retained the “top spot” for U.S. softwood lumber exports in March. China was also the largest single-country destination by a wide margin; year to date (YTD), exports to China were up nearly 73 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, Honduras, and Latvia increased markedly. Imports from Austria and Sweden have nearly dried up. 
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Just under half of U.S. softwood lumber exports left the country through West Coast (primarily Seattle, WA) customs districts in March. 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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Douglas-fir comprised 23.0 percent of all softwood lumber exports in March, followed by Southern yellow pine with 21.1 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.

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