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Softwood
lumber exports edged down by less than 1 MMBF (-0.1%) in September while imports
rose by 57 MMBF (+4.7%). Exports were 13 MMBF (9.3%) below year-earlier levels; imports were 167 MMBF (15.4%) higher. The year-over-year
(YoY) net export deficit was 180 MMBF (18.9%) larger.
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North
America (Mexico: 23.6%; Canada: 18.4%) was the primary destination for U.S.
softwood lumber exports in September (42.0%). Asia (especially China: 17.8%) placed
second (32.9%). Year-to-date (YTD) exports to China were down 36.3% relative to
the same months in 2014. Meanwhile, Canada was the source of nearly all (96.1%)
softwood lumber imports into the United States. Overall, YTD exports were down 12.9%
compared to 2014, while imports were up 7.3%.
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U.S.
softwood lumber export activity through West Coast customs districts declined in
relation to the other districts during September: 36.9% of the U.S. total;
Seattle retained the title of most-active district, with 19.7% of the total,
although Mobile is catching up (13.8%). At the same time, Great Lakes customs
districts handled 67.7% of the softwood lumber imports (especially Duluth, MN
with 31.9%) coming into the United States.
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Southern
yellow pine comprised 30.1% of all softwood lumber exports in September,
followed by Douglas-fir with 16.4%. Southern pine exports were up 8.4% YTD relative
to 2014, while Douglas-fir exports were down 31.1%.
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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