Softwood lumber exports fell (8 MMBF or -8.30%) in November, along with imports (82 MMBF or -5.6%). Exports were 13 MMBF (-12.9%) below year-earlier levels; imports were 331 MMBF (+31.6%) higher. As a result, the year-over-year (YoY) net export deficit was 344 MMBF (+36.4%) larger. Also, the average net export deficit for the 12 months ending November 2020 was 6.1% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (50.8%; of which Canada: 24.7%; Mexico: 26.1%), Asia (19.9%; especially China: 4.7%; and Japan: 5.8%), and the Caribbean: 22.1% (especially the Dominican Republic: 7.2%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -15.0% relative to the same months in 2019. Meanwhile, Canada was the source of most (85.4%) of softwood lumber imports into the United States. Imports from Canada were 0.3% lower YTD than the same months in 2019. Overall, YTD exports were down 16.7% compared to 2019; imports: +3.5%.
U.S. softwood lumber export activity through the West Coast customs region represented the largest proportion (32.0% of the U.S. total), followed by the Gulf (28.7%) and Eastern (28.1%) regions. Mobile (16.8% of the U.S. total) was the single most-active district, followed by Seattle (16.1%) and San Diego (14.1%). At the same time, Great Lakes customs region handled 57.2% of softwood lumber imports -- most notably the Duluth, MN district (23.1%) -- coming into the United States.
Southern
yellow pine comprised 28.3% of all softwood lumber exports; Douglas-fir (15.0%)
and treated lumber (12.4%) were also significant. Southern pine exports were down
12.3% YTD relative to 2019, while Doug-fir: -13.3%; and treated: -8.1%.
The foregoing comments represent the
general economic views and analysis of
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