Softwood lumber exports rose (4 MMBF or +3.8%) in June, while imports fell (93 MMBF or -6.0%). Exports were 21 MMBF (+23.1%) above year-earlier levels; imports were 277 MMBF (+23.5%) higher. As a result, the year-over-year (YoY) net export deficit was 256 MMBF (+23.5%) larger. Also, the average net export deficit for the 12 months ending June 2021 was 20.3% larger than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (53.0% of total exports; of which Canada: 31.2%; Mexico: 21.8%), Asia (14.7%; especially China: 4.7%; and Japan: 4.4%), and the Caribbean: 25.6% especially the Dominican Republic: 9.3%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -58.4% relative to the same months in 2020. Meanwhile, Canada was the source of most (84.2%) of softwood lumber imports into the United States. Imports from Canada were 19.3% higher YTD than the same months in 2020. Overall, YTD exports were up 8.7% compared to 2020; imports: +20.5%.
U.S. softwood lumber export activity through the West Coast customs region represented 32.7% of the U.S. total; Gulf: 29.6%, and Eastern: 23.8%. Seattle (19.5% of the U.S. total) was the single most-active district, followed by Mobile (18.1%) and San Diego (10.6%). At the same time, Great Lakes customs region handled 55.2% of softwood lumber imports -- most notably the Duluth, MN district (22.7%) -- coming into the United States.
Southern
yellow pine comprised 24.8% of all softwood lumber exports; Douglas-fir (14.2%)
and treated lumber (11.4%) were also significant. Southern pine exports were down
12.8% YTD relative to 2020, while Doug-fir: +1.8%; and treated: +13.8%.
The foregoing comments represent the
general economic views and analysis of
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