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Softwood
lumber exports inched up (+1 MMBF or 0.4%) in December while imports fell by 148
MMBF (-11.1%). Exports were 9 MMBF (7.5%) above year-earlier levels; imports were 130 MMBF (12.3%) higher. The year-over-year
(YoY) net export deficit was 121 MMBF (12.9%) larger.
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North
America was the primary destination for U.S. softwood lumber exports in December
(41.1%, of which Canada: 20.9%; Mexico: 20.1%). Asia (especially China: 20.5%) placed
a close second, with 39.2%. Year-to-date (YTD) exports to China were down 26.3%
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 10.2% compared to 2014, while imports were up 10.1%.
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U.S.
softwood lumber export activity through West Coast customs districts bounced
back in relation to the other districts during December (to 42.4% of the U.S.
total, from 33.3% in October); Seattle maintained its dominance as the most
active export district (22.6% of the U.S. total), dominating second-place Mobile,
AL (10.6%). At the same time, Great Lakes customs districts handled 68.7% of
the softwood lumber imports (especially Duluth, MN with 30.4%) coming into the
United States.
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Southern
yellow pine comprised 25.3% of all softwood lumber exports in December, followed
by Douglas-fir with 21.3%. Southern pine exports were up 9.4% YTD relative to 2014,
while Douglas-fir exports were down 23.0%.
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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