April 2014 International Trade (Softwood Lumber)

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Softwood lumber exports increased by 4 MMBF (2.4 percent) in April while imports rose by 52 MMBF (5.1 percent). Exports were 18 MMBF (12.3 percent) above year-earlier levels; imports were 19 MMBF (1.8 percent) lower. 

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Asia (especially China and Japan) retained the “top spot” for U.S. softwood lumber exports in April. China was also the largest single-country destination; year to date (YTD), exports to China were up over 75 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 on a percentage basis. Imports from Austria and Sweden have substantially decreased.

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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 April. 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 22.0 percent of all softwood lumber exports in April, followed by Southern yellow pine with 20.8 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.