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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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Sunday, April 5, 2015

February 2015 International Trade (Softwood Lumber)

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Softwood lumber exports increased by 9 MMBF (7.9%) in February while imports fell by 13 MMBF (1.3%). Exports were 37 MMBF (23.2%) below year-earlier levels; imports were 105 MMBF (12.3%) higher. The net export deficit was 142 MMBF (20.2%) 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 January (44.3%). Asia (especially China and Japan) was a distant second (35.2%). Canada was also the largest single-country destination (24.0%). Year-to-date (YTD) exports to China were down 60.3% relative to the same period in 2014. Meanwhile, Canada was the source of nearly all (97.4%) softwood lumber imports into the United States. Overall, YTD exports were down 24.5% compared to a year earlier, while imports were up 11.3%. 
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Despite the port slowdown, U.S. softwood lumber export activity through West Coast customs districts stayed relative stable in relation to the other districts during February (39.2% of the U.S. total); Seattle retained the title of most-active district, with 26.1% of the February total. At the same time, Great Lakes customs districts handled 69.8% of the softwood lumber imports (especially Duluth, MN with 29.0%) coming into the United States. 
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Southern yellow pine comprised 28.9% of all softwood lumber exports in February, followed by Douglas-fir with 16.6%. Southern pine exports were down 6.9% YTD relative to a year earlier, while Douglas-fir exports were down 37.8%.
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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