Click image
for larger view
Click image
for larger view
Softwood
lumber exports extended their decline (5 MMBF or -2.8%) in May, while imports rose
(66 MMBF or +4.9%). Exports were 31 MMBF (+23.2%) above year-earlier levels;
imports were 146 MMBF (+11.6%) higher. As a result, the year-over-year (YoY) net
export deficit was 115 MMBF (10.2%) larger. However, the average net export
deficit for the 12 months ending May 2018 was 10.4% 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
North
America (of which Canada: 23.3%; Mexico: 15.2%) and Asia (especially China: 16.0%)
were the primary destinations for U.S. softwood lumber exports in May; the
Caribbean ranked third with a 21.6% share. Year-to-date (YTD) exports to China
were +46.0% relative to the same months in 2017. Meanwhile, Canada was the source
of most (93.4%) of softwood lumber imports into the United States. Imports from
Canada are 9.6% lower YTD than the same months in 2017. Overall, YTD exports
were up 1.3% compared to 2017, while imports were down 9.3%.
Click image
for larger view
Click image
for larger view
U.S.
softwood lumber export activity through the Eastern customs region represented
the largest proportion in May (36.0% of the U.S. total), followed by the West
Coast (30.0%) and the Gulf (23.8%) regions. However, Seattle maintained its lead
(19.5% of the U.S. total) over Mobile (16.1%) and Savannah (15.7%) as the
single most-active district. At the same time, Great Lakes customs region handled
66.5% of softwood lumber imports -- most notably the Duluth, MN district (28.5%)
-- 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 May, Douglas-fir
(11.6%) and treated lumber (11.7%). Southern pine exports were up 39.4% YTD relative
to 2017, while treated: +2.2%; Doug-fir: -3.4%.
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.