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Softwood lumber exports edged down (1 MMBF or -1.3%) in July whereas imports rose (35 MMBF or +3.0%). Exports were 28 MMBF (-24.0%) below year-earlier levels; imports were 85 MMBF (+7.6%) higher. As a result, the year-over-year (YoY) net export deficit was 113 MMBF (+11.2%) larger. Also, the average net export deficit for the 12 months ending July 2020 was 2.7% 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 (51.6%; of which Canada: 26.8%; Mexico: 24.8%), Asia (24.1%; especially China: 9.4%; and Japan: 6.3%), and the Caribbean: 17.9% (especially the Dominican Republic: 4.1%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -8.9% relative to the same months in 2019. Meanwhile, Canada was the source of most (86.6%) of softwood lumber imports into the United States. Imports from Canada were 8.6% lower YTD than the same months in 2019. Overall, YTD exports were down 17.7% compared to 2019; imports: -4.7%.
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U.S. softwood lumber export activity through the West Coast customs region represented the largest proportion (39.7% of the U.S. total), followed by the Eastern (26.5%) and Gulf (24.0%) regions. Seattle (22.8% of the U.S. total) was the single most-active district, followed by San Diego (15.9%) and Mobile (14.7%). At the same time, Great Lakes customs region handled 57.0% of softwood lumber imports -- most notably the Duluth, MN district (20.8%) -- coming into the United States.
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Southern
yellow pine comprised 22.0% of all softwood lumber exports, Douglas-fir (17.7%)
and treated lumber (13.7%) were also significant. Southern pine exports were down
13.0% YTD relative to 2019, while treated: -12.5%; Doug-fir: -11.9%.
The foregoing comments represent the
general economic views and analysis of
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