Softwood lumber exports rose (13 MMBF or +15.0%) in October, along with imports (29 MMBF or +2.1%). Exports were 12 MMBF (-11.0%) below year-earlier levels; imports were 230 MMBF (+18.7%) higher. As a result, the year-over-year (YoY) net export deficit was 242 MMBF (+21.6%) larger. Also, the average net export deficit for the 12 months ending October 2020 was 3.1% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (48.3%; of which Canada: 21.6%; Mexico: 26.6%), Asia (18.3%; especially China: 4.9%; and Japan: 5.4%), and the Caribbean: 26.7% (especially the Dominican Republic: 10.8%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -13.2% relative to the same months in 2019. Meanwhile, Canada was the source of most (85.7%) of softwood lumber imports into the United States. Imports from Canada were 2.8% lower YTD than the same months in 2019. Overall, YTD exports were down 17.1% compared to 2019; imports: +1.1%.
U.S. softwood lumber export activity through the West Coast customs region represented the largest proportion (34.6% of the U.S. total), followed by the Gulf (33.3%) and Eastern (23.9%) regions. Mobile (21.6% of the U.S. total) was the single most-active district, followed by Seattle (17.8%) and San Diego (14.9%). At the same time, Great Lakes customs region handled 56.7% of softwood lumber imports -- most notably the Duluth, MN district (23.5%) -- coming into the United States.
Southern
yellow pine comprised 27.7% of all softwood lumber exports; Douglas-fir (15.1%)
and treated lumber (16.2%) were also significant. Southern pine exports were down
13.5% YTD relative to 2019, while Doug-fir: -13.7%; treated: -6.5%.
The foregoing comments represent the
general economic views and analysis of
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