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Softwood
lumber exports increased by 15 MMBF (10.6%) in October while imports rose by 84
MMBF (7.7%). Exports were 28 MMBF (15.8%) below year-earlier levels; imports were 223 MMBF (23.4%) higher.
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The
rest of North America (i.e., Canada and Mexico) was once again the primary
destination for U.S. softwood lumber exports in October (40.9%), although Asia
(especially China) was fairly close behind (36.4%); Canada was also the largest
single-country destination (20.9%). Year to date (YTD), exports to China were
flat relative to the same period in 2013 (down from roughly 11% YTD-over-YTD in September).
Meanwhile, Canada was the source of nearly all (95.9%) softwood lumber imports
into the United States. Overall, YTD exports were up 1.2% compared to the same
period in 2013, while imports were up 11.6%.
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Nearly
43% of U.S. softwood lumber exports left the country through West Coast (primarily
Seattle, WA with 27.6%) customs districts in October. At the same time, Great
Lakes customs districts handled over 70% of the softwood lumber imports
(especially Duluth, MN with 26.0%) coming into the United States.
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Southern
yellow pine comprised 24.9% of all softwood lumber exports in October, followed
by Douglas-fir with 17.4%.
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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