Click image
for larger view
Click image
for larger view
Softwood
lumber exports increased (+6 MMBF or 5.0%) in August, while imports declined (-16
MMBF or 1.2%). Exports were 13 MMBF (10.3%) above year-earlier levels; imports were 175 MMBF (14.6%) higher. As a
result, the year-over-year (YoY) net export deficit was 361 MMBF (40.1%) larger.
The average net export deficit for the 12 months ending August 2016 was 32.9%
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 August
(48.7%, of which Mexico: 26.3%; Canada: 22.4%). Asia (especially China: 18.4%) ranked
second, with 34.3%. Year-to-date (YTD) exports to China were up 15.8% relative
to the same months in 2015. Meanwhile, Canada was the source of nearly all (95.4%)
softwood lumber imports into the United States. Overall, YTD exports were up 1.3%
compared to 2015, while imports were up 34.5%.
Click image
for larger view
Click image
for larger view
U.S.
softwood lumber export activity through West Coast customs districts represented
the largest proportion in August (39.0% of the U.S. total), although the Eastern
and Gulf districts were not far behind (28.4% and 24.7%, respectively); Seattle
maintained its dominance as the most active export district (25.0% of the U.S.
total). At the same time, Great Lakes customs districts handled 66.0% of the
softwood lumber imports -- most notably Duluth, MN (30.8%) -- coming into the
United States.
Click image
for larger view
Click image
for larger view
Southern
yellow pine comprised 27.7% of all softwood lumber exports in August, followed
by Douglas-fir with 14.1%. Southern pine exports were up 13.0% YTD relative to 2015,
while Doug-fir exports were down 17.5%.
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.