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Softwood lumber exports increased (4 MMBF or +5.2%) in June; imports also rose (86 MMBF or +7.9%). Exports were 22 MMBF (-19.4%) below year-earlier levels; imports were 94 MMBF (-7.4%) lower. As a result, the year-over-year (YoY) net export deficit was 72 MMBF (-6.2%) smaller. Also, the average net export deficit for the 12 months ending June 2020 was 5.1% smaller than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
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North America (47.4%; of which Canada: 28.2%; Mexico: 19.2%), Asia (32.8%; especially China: 16.4%; and Japan: 7.7%), and the Caribbean: 13.8% (especially the Dominican Republic: 4.9%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -7.0% relative to the same months in 2019. Meanwhile, Canada was the source of most (86.8%) of softwood lumber imports into the United States. Imports from Canada were 10.4% lower YTD than the same months in 2019. Overall, YTD exports were down 16.6% compared to 2019; imports: -6.6%.
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U.S. softwood lumber export activity through the West Coast customs region represented the largest proportion (43,6% of the U.S. total), followed by the Eastern (27.4%) and Gulf (19.4%) regions. Seattle (29.7% of the U.S. total) was the single most-active district, followed by Mobile (12.1%). At the same time, Great Lakes customs region handled 56.2% of softwood lumber imports -- most notably the Duluth, MN district (19.4%) -- coming into the United States.
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Southern yellow pine comprised 25.1% of all softwood lumber exports, Douglas-fir (16.9%) and treated lumber (12.5%) were also significant. Southern pine exports were down 8.1% YTD relative to 2019, while treated: -11.5%; Doug-fir: -12.6%.
The foregoing comments represent the
general economic views and analysis of
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