Tuesday, October 17, 2017

August 2017 International Trade (Softwood Lumber)

Click image for larger view 
Click image for larger view
Softwood lumber exports increased (24 MMBF or +17.8%) in August, while imports slipped (16 MMBF or -1.4%). Exports were 23 MMBF (+17.1%) above year-earlier levels; imports were 213 MMBF (-15.5%) lower. As a result, the year-over-year (YoY) net export deficit was 237 MMBF (-19.1%) lower. Moreover, the average net export deficit for the 12 months ending August 2017 was 8.9% 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: 23.3%) and North America (of which Canada: 17.1%; Mexico: 21.6%) were the primary destinations for U.S. softwood lumber exports in August. Year-to-date (YTD) exports to China were +17.2% relative to the same months in 2016. Meanwhile, Canada was the source of most (90.8%) of softwood lumber imports into the United States. Interestingly, imports from Canada are 15.7% lower YTD than the same months in 2016. Overall, YTD exports were up 4.0% compared to 2016, while imports were down 12.7%. 
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 August (38.6% of the U.S. total), followed by the West Coast (32.4%) and the Gulf (22.6%) regions. However, Seattle maintained a small lead (17.7% of the U.S. total) over Mobile (12.5%) as the single most-active district. At the same time, Great Lakes customs region handled 64.0% of softwood lumber imports -- most notably the Duluth, MN district (27.7%) -- coming into the United States. 
Click image for larger view 
Click image for larger view
Southern yellow pine comprised 30.0% of all softwood lumber exports in August, followed by treated lumber (15.1%) and Douglas-fir (13.9%). Southern pine exports were up 8.3% YTD relative to 2016, while treated: +31.6%; Doug-fir: +6.9%.
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.