Softwood lumber exports rose (<1 MMBF or +0.1%) in January, but imports fell (113 MMBF or -8.0%). Exports were 13 MMBF (-12.5%) below year-earlier levels; imports were 271 MMBF (+26.3%) higher. As a result, the year-over-year (YoY) net export deficit was 284 MMBF (+30.8%) larger. Also, the average net export deficit for the 12 months ending January 2021 was 8.6% 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: 29.1%; Mexico: 20.8%), Asia (21.3%; especially China: 6.1%; and Japan: 5.6%), and the Caribbean: 21.8% (especially the Dominican Republic: 9.4%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -30.4% relative to the same months in 2020. Meanwhile, Canada was the source of most (86.0%) of softwood lumber imports into the United States. Imports from Canada were 26.3% higher YTD than the same months in 2019. Overall, YTD exports were down 12.5% compared to 2019; imports: +26.3%.
U.S. softwood lumber export activity through the West Coast customs region represented 35.8% of the U.S. total; Gulf: 25.4%, and Eastern: 28.1%. Seattle (21.2% of the U.S. total) was the single most-active district, followed by Mobile (17.0%) and San Diego (12.5%). At the same time, Great Lakes customs region handled 57.5% of softwood lumber imports -- most notably the Duluth, MN district (22.9%) -- coming into the United States.
Southern
yellow pine comprised 23.9% of all softwood lumber exports; Douglas-fir (16.4%)
and treated lumber (14.2%) were also significant. Southern pine exports were down
22.4% YTD relative to 2020, while Doug-fir: -12.4%; and treated: -23.4%.
The foregoing comments represent the
general economic views and analysis of
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