Softwood lumber exports fell (7 MMBF or -4.4%) in September, along with imports (73 MMBF or -5.6%). Exports were 58 MMBF (+68.4%) above year-earlier levels; imports were 203 MMBF (-14.2%) lower. As a result, the year-over-year (YoY) net export deficit was 262 MMBF (-19.4%) smaller. However, the average net export deficit for the 12 months ending September 2021 was 13.3% higher than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (52.5% of total exports; of which Canada: 23.8%; Mexico: 28.7%), Asia (22.4%; especially China: 9.9%; and Japan: 4.3%), and the Caribbean: 19.1% especially the Dominican Republic: 5.5%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -27.9% relative to the same months in 2020. Meanwhile, Canada was the source of most (86.3%) softwood lumber imports into the United States. Imports from Canada were 8.8% higher YTD than the same months in 2020. Overall, YTD exports were up 25.0% compared to 2020; imports: +11.1%.
U.S.
softwood lumber export activity through the West Coast customs region represented
31.3% of the U.S. total; Gulf: 34.7%, and Eastern: 25.9%. Mobile (18.1% of the
U.S. total) was the single most-active district, followed by Seattle (17.3%),
Savannah (12.6%), Laredo (11.6%) and San Diego (11.8%). At the same time, Great
Lakes customs region handled 60.1% of softwood lumber imports -- most notably the
Duluth, MN district (20.0%) -- coming into the United States.
Southern
yellow pine comprised 26.7% of all softwood lumber exports; Douglas-fir (13.0%),
treated lumber (10.6%), other pine (12.5%) and finger-jointed (11.2%) were also
significant. Southern pine exports were up 11.3% YTD relative to 2020, while
Doug-fir: +13.0%; and treated: +17.4%.
The foregoing comments represent the
general economic views and analysis of
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