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Softwood
lumber exports decreased by 4 MMBF (3.3%) in August while imports rose by 172 MMBF
(+16.7%). Exports were 17 MMBF (12.1%) below
year-earlier levels; imports were 171 MMBF (16.6%) higher. The year-over-year
(YoY) net export deficit was 188 MMBF (21.1%) larger.
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North
America (Mexico: 21.6%; Canada: 20.7%) was the primary destination for U.S.
softwood lumber exports in August (42.3%). Asia (especially China: 16.1%) placed
second (34.8%). Year-to-date (YTD) exports to China were down over 38.6% relative
to the same months in 2014. Meanwhile, Canada was the source of nearly all (95.5%)
softwood lumber imports into the United States. Overall, YTD exports were down 13.2%
compared to 2014, while imports were up 6.3%.
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U.S.
softwood lumber export activity through West Coast customs districts inched up
slightly in relation to the other districts during August: 40.1% of the U.S.
total; Seattle retained the title of most-active district, with 22.2% of the August
total. At the same time, Great Lakes customs districts handled 67.0% of the
softwood lumber imports (especially Duluth, MN with 31.1%) coming into the
United States.
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Southern
yellow pine comprised 29.2% of all softwood lumber exports in August, followed
by Douglas-fir with 18.0%. Southern pine exports were up 6.4% YTD relative to 2014,
while Douglas-fir exports were down 31.9%.
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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