Softwood lumber exports rose (18 MMBF or +16.7%) in July, while imports fell (205 MMBF or -14.1%). Exports were 40 MMBF (+45.5%) above year-earlier levels; imports were 36 MMBF (+3.0%) higher. As a result, the year-over-year (YoY) net export deficit was 4 MMBF (-0.4%) smaller. Also, the average net export deficit for the 12 months ending July 2021 was 19.2% higher than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (53.9% of total exports; of which Canada: 25.0%; Mexico: 28.9%), Asia (20.0%; especially China: 7.2%; and Japan: 4.7%), and the Caribbean: 19.3% especially the Dominican Republic: 6.5%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -50.3% relative to the same months in 2020. Meanwhile, Canada was the source of most (84.8%) of softwood lumber imports into the United States. Imports from Canada were 16.5% higher YTD than the same months in 2020. Overall, YTD exports were down 3.8% compared to 2020; imports: +17.9%.
U.S. softwood lumber export activity through the West Coast customs region represented 32.2% of the U.S. total; Gulf: 32.1%, and Eastern: 25.4%. Seattle (16.4% of the U.S. total) was the single most-active district, followed by Mobile (16.0%) and San Diego (12.8%). At the same time, Great Lakes customs region handled 56.7% of softwood lumber imports -- most notably the Duluth, MN district (23.2%) -- coming into the United States.
Southern
yellow pine comprised 23.5% of all softwood lumber exports; Douglas-fir (14.1%)
and treated lumber (12.6%) were also significant. Southern pine exports were down
5.3% YTD relative to 2020, while Doug-fir: +3.9%; and treated: +16.5%.
The foregoing comments represent the
general economic views and analysis of
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