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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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Thursday, November 5, 2015

September 2015 International Trade (Softwood Lumber)

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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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