Softwood lumber exports rose (21 MMBF or +16.1%) in August, along with imports (51 MMBF or +4.1%). Exports were 61 MMBF (+68.0%) above year-earlier levels; imports were 45 MMBF (-3.3%) lower. As a result, the year-over-year (YoY) net export deficit was 105 MMBF (-8.4%) smaller. Also, the average net export deficit for the 12 months ending August 2021 was 17.0% higher than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (51.7% of total exports; of which Canada: 21.2%; Mexico: 30.5%), Asia (20.4%; especially China: 6.8%; and Japan: 4.6%), and the Caribbean: 20.3% especially the Dominican Republic: 9.3%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -41.1% relative to the same months in 2020. Meanwhile, Canada was the source of most (82.8%) of softwood lumber imports into the United States. Imports from Canada were 12.8% higher YTD than the same months in 2020. Overall, YTD exports were up 20.1% compared to 2020; imports: +14.9%.
U.S. softwood lumber export activity through the West Coast customs region represented 31.1% of the U.S. total; Gulf: 36.8%, and Eastern: 24.9%. Seattle (17.7% of the U.S. total) was the single most-active district, followed by Mobile (17.3%), Savannah (12.7%), Laredo (12.4%) and San Diego (11.1%). At the same time, Great Lakes customs region handled 55.1% of softwood lumber imports -- most notably the Duluth, MN district (21.7%) -- coming into the United States.
Southern
yellow pine comprised 26.6% of all softwood lumber exports; Douglas-fir (14.7%),
treated lumber (10.6%), other pine (12.4%) and finger-jointed (13.7%) were also
significant. Southern pine exports were up 3.2% YTD relative to 2020, while
Doug-fir: +10.6%; and treated: +17.6%.
The foregoing comments represent the
general economic views and analysis of
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