Softwood lumber exports edged down (3 MMBF or -3.4%) in February, and imports fell (158 MMBF or -12.2%). Exports were 17 MMBF (-16.1%) below year-earlier levels; imports were 67 MMBF (+6.3%) higher. As a result, the year-over-year (YoY) net export deficit was 85 MMBF (+8.8%) larger. Also, the average net export deficit for the 12 months ending January 2021 was 8.7% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (50.7%; of which Canada: 30.6%; Mexico: 20.1%), Asia (15.3%; especially China: 4.3%; and Japan: 3.4%), and the Caribbean: 27.0% (especially the Dominican Republic: 10.3%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -40.4% relative to the same months in 2020. Meanwhile, Canada was the source of most (89.1%) of softwood lumber imports into the United States. Imports from Canada were 16.2% higher YTD than the same months in 2020. Overall, YTD exports were down 14.3% compared to 2020; imports: +16.1%.
U.S. softwood lumber export activity through the West Coast customs region represented 34.9% of the U.S. total; Gulf: 26.9%, and Eastern: 27.4%. Seattle (19.8% of the U.S. total) was the single most-active district, followed by Mobile (19.5%) and San Diego (12.7%). At the same time, Great Lakes customs region handled 57.9% of softwood lumber imports -- most notably the Duluth, MN district (21.6%) -- coming into the United States.
Southern
yellow pine comprised 23.9% of all softwood lumber exports; Douglas-fir (15.1%)
and treated lumber (13.6%) were also significant. Southern pine exports were down
29.3% YTD relative to 2020, while Doug-fir: +3.9%; and treated: -20.9%.
The foregoing comments represent the
general economic views and analysis of
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