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Softwood
lumber exports increased by 3 MMBF (2.3 percent) in July while imports fell by 20
MMBF (1.8 percent). Exports were 6 MMBF (3.8 percent) below year-earlier levels;
imports were 73 MMBF (7.0 percent) higher.
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Asia
(especially China and Japan) was the primary destination for U.S. softwood
lumber exports in July, although the rest of North America (i.e., Canada and
Mexico) was a close second. China was also the largest single-country
destination; year to date (YTD), exports to China were up over 35 percent relative
to the same period in 2013. Meanwhile, Canada was the overwhelming source of
softwood lumber imports into the United States. Overall, YTD exports were up 7.9
percent compared to the same period in 2013, while imports were up 8.4 percent.
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Roughly
47 percent of U.S. softwood lumber exports left the country through West Coast (primarily
Seattle, WA) customs districts in July. At the same time, Great Lakes customs
districts (especially Duluth, MN) handled nearly 69 percent of the softwood
lumber imports coming into the United States.
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Douglas-fir
comprised 22.6 percent of all softwood lumber exports in July, followed by Southern
yellow pine with 21.4 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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