Click image
for larger view
Click image
for larger view
Softwood
lumber exports increased (+19 MMBF or 15.4%) in February while imports jumped
more noticeably (+365 MMBF or 29.1%). Exports were 21 MMBF (17.0%) above year-earlier levels; imports were 655 MMBF
(68.0%) higher. As a result, the year-over-year (YoY) net export deficit was 635
MMBF (75.3%) larger. The average net export deficit for the 12 months ending February
2016 was 18.7% higher than the average of the same months a year earlier (the
“YoY MA(12) % Chng” series shown in the graph above).
Click image
for larger view
North
America was the primary destination for U.S. softwood lumber exports in February
(35.3%, of which Canada: 17.3%; Mexico: 18.1%). Asia (especially China: 18.7%) placed
a close second, with 33.0%. Year-to-date (YTD) exports to China were up 53.4% relative
to the same months in 2015. Meanwhile, Canada was the source of nearly all (97.6%)
softwood lumber imports into the United States. Overall, YTD exports were up 13.3%
compared to 2015, while imports were up 48.1%.
Click image
for larger view
Click image
for larger view
U.S.
softwood lumber export activity through West Coast customs districts expanded
when compared to the other districts during February (to 44.0% of the U.S.
total, from 37.2% in January); Seattle maintained its dominance as the most
active export district (30.8% of the U.S. total), widening its lead over
second-place Mobile, AL (11.2%). At the same time, Great Lakes customs
districts handled 70.3% of the softwood lumber imports -- most notably Detroit,
MI (24.8%) overtaking typical frontrunner Duluth, MN (23.8%) -- coming into the
United States.
Click image
for larger view
Click image
for larger view
Southern
yellow pine comprised 26.6% of all softwood lumber exports in February,
followed by spruce with 12.4%. Southern pine exports were up 19.0% YTD relative
to 2015, while spruce exports were up 353.0%.
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.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.