Softwood lumber exports rose (13 MMBF or +14.1%) in March, and imports jumped (313 MMBF or +27.4%). Exports were 1 MMBF (+1.4%) above year-earlier levels; imports were 90 MMBF (+6.6%) higher. As a result, the year-over-year (YoY) net export deficit was 89 MMBF (+7.0%) larger. Also, the average net export deficit for the 12 months ending March 2021 was 8.4% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (57.4%; of which Canada: 35.4%; Mexico: 22.0%), Asia (15.6%; especially China: 4.0%; and Japan: 3.4%), and the Caribbean: 19.6% (especially the Dominican Republic: 4.7%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -43.3% relative to the same months in 2020. Meanwhile, Canada was the source of most (85.5%) of softwood lumber imports into the United States. Imports from Canada were 10.9% higher YTD than the same months in 2020. Overall, YTD exports were down 9.3% compared to 2020; imports: +12.4%.
U.S. softwood lumber export activity through the West Coast customs region represented 39.0% of the U.S. total; Gulf: 23.4%, and Eastern: 24.3%. Seattle (23.1% of the U.S. total) was the single most-active district, followed by Mobile (14.1%) 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 (23.3%) -- coming into the United States.
Southern
yellow pine comprised 18.2% of all softwood lumber exports; Douglas-fir (15.2%)
and treated lumber (13.8%) were also significant. Southern pine exports were down
32.5% YTD relative to 2020, while Doug-fir: +1.3%; and treated: -10.7%.
The foregoing comments represent the
general economic views and analysis of
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