Click image
for larger view
Click image
for larger view
Softwood
lumber exports increased (23 MMBF or +17.7%) in June, while imports fell (73 MMBF
or -5.9%). Exports were 11 MMBF (+7.8%) above year-earlier levels; imports were
245 MMBF (-17.3%) lower. As a result, the year-over-year (YoY) net export
deficit was 259 MMBF (-20.1%) smaller. Moreover, the average net export deficit
for the 12 months ending June 2017 was 2.5% smaller 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
Asia
(especially China: 18.5%) and North America (of which Canada: 18.2%; Mexico: 17.6%)
were the primary destinations for U.S. softwood lumber exports in June. Year-to-date
(YTD) exports to China were +10.0% relative to the same months in 2016. Meanwhile,
Canada was the source of most (94.1%) of softwood lumber imports into the
United States. Interestingly, imports from Canada are 14.4% lower
YTD than the same months in 2016. Overall, YTD exports were up 1.7% compared to
2016, while imports were down 11.8%.
Click image
for larger view
Click image
for larger view
U.S.
softwood lumber export activity through Eastern customs region represented the
largest proportion in June (34.7% of the U.S. total), followed by the West
Coast (31.3%) and the Gulf (28.4%) regions. However, Seattle maintained a small
lead (20.3% of the U.S. total) over Mobile (19.0%) as the single most-active
district. At the same time, Great Lakes customs region handled 65.4% of
softwood lumber imports -- most notably the Duluth, MN district (30.5%) -- coming
into the United States.
Click image
for larger view
Click image
for larger view
Southern
yellow pine comprised 36.1% of all softwood lumber exports in June, followed by
treated lumber (13.7%) and Douglas-fir (13.7%). Southern pine exports were up 4.2%
YTD relative to 2016, while treated: +36.0%; Doug-fir: +3.5%.
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.