Softwood lumber exports rose (4 MMBF or +4.5%) in December, along with imports (35 MMBF or +2.5%). Exports were 1 MMBF (-0.9%) below year-earlier levels; imports were 175 MMBF (+14.1%) higher. As a result, the year-over-year (YoY) net export deficit was 175 MMBF (+15.3%) larger. Also, the average net export deficit for the 12 months ending December 2020 was 6.5% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (49.9%; of which Canada: 27.1%; Mexico: 22.9%), Asia (19.2%; especially China: 5.2%; and Japan: 4.5%), and the Caribbean: 23.7% (especially the Dominican Republic: 9.1%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -16.0% relative to the same months in 2019. Meanwhile, Canada was the source of most (81.9%) of softwood lumber imports into the United States. Imports from Canada were 0.3% higher YTD than the same months in 2019. Overall, YTD exports were down 15.6% compared to 2019; imports: +4.4%.
U.S. softwood lumber export activity through the West Coast customs region represented 32.0% of the U.S. total; Gulf: 30.7%, and Eastern: 24.7%. Mobile (19.8% of the U.S. total) was the single most-active district, followed by Seattle (17.4%) and San Diego (12.5%). At the same time, Great Lakes customs region handled 55.1% of softwood lumber imports -- most notably the Duluth, MN district (22.8%) -- coming into the United States.
Southern
yellow pine comprised 29.8% of all softwood lumber exports; Douglas-fir (15.4%)
and treated lumber (12.3%) were also significant. Southern pine exports were down
10.6% YTD relative to 2019, while Doug-fir: -12.9%; and treated: -7.8%.
The foregoing comments represent the
general economic views and analysis of
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