Softwood lumber exports rose (14 MMBF or +13.7%) in April, as did imports (11 MMBF or +0.7%). Exports were 37 MMBF (+46.5%) above year-earlier levels; imports were 264 MMBF (+22.0%) higher. As a result, the year-over-year (YoY) net export deficit was 227 MMBF (+20.2%) larger. Also, the average net export deficit for the 12 months ending April 2021 was 11.9% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (54.0%; of which Canada: 32.8%; Mexico: 21.2%), Asia (13.2%; especially China: 3.9%; and Japan: 3.7%), and the Caribbean: 27.0% (especially the Dominican Republic: 13.1%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -50.7% relative to the same months in 2020. Meanwhile, Canada was the source of most (85.0%) of softwood lumber imports into the United States. Imports from Canada were 13.3% higher YTD than the same months in 2020. Overall, YTD exports were up 2.0% compared to 2020; imports: +14.8%.
U.S. softwood lumber export activity through the West Coast customs region represented 36.1% of the U.S. total; Gulf: 25.8%, and Eastern: 24.4%. Seattle (18.8% of the U.S. total) was the single most-active district, followed by Mobile (18.7%) and San Diego (14.1%). At the same time, Great Lakes customs region handled 56.1% of softwood lumber imports -- most notably the Duluth, MN district (21.9%) -- coming into the United States.
Southern
yellow pine comprised 23.4% of all softwood lumber exports; Douglas-fir (13.7%)
and treated lumber (12.6%) were also significant. Southern pine exports were down
22.2% YTD relative to 2020, while Doug-fir: +3.4%; and treated: +0.1%.
The foregoing comments represent the
general economic views and analysis of
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