Softwood lumber exports rose (9 MMBF or +6.6%) in October, along with imports (103 MMBF or +8.4%). Exports were 55 MMBF (+56.1%) above year-earlier levels; imports were 130 MMBF (-8.9%) lower. As a result, the year-over-year (YoY) net export deficit was 185 MMBF (-13.6%) smaller. However, the average net export deficit for the 12 months ending October 2021 was 9.9% higher than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (52.6% of total exports; of which Canada: 18.8%; Mexico: 33.8%), Asia (20.2%; especially China: 5.9%; and Japan: 3.6%), and the Caribbean: 19.7% especially the Dominican Republic: 8.7%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -21.5% relative to the same months in 2020. Meanwhile, Canada was the source of most (88.5%) softwood lumber imports into the United States. Imports from Canada were 7.1% higher YTD than the same months in 2020. Overall, YTD exports were up 28.3% compared to 2020; imports: +8.7%.
U.S. softwood lumber export activity through the West Coast customs region represented 30.3% of the U.S. total; Gulf: 40.6%, and Eastern: 22.8%. Mobile (17.8% of the U.S. total) was the single most-active district, followed by Seattle (16.7%), Savannah (10.3%), Laredo (15.5%) and San Diego (11.2%). At the same time, Great Lakes customs region handled 61.4% of softwood lumber imports -- most notably the Duluth, MN district (21.1%) -- coming into the United States.
Southern
yellow pine comprised 26.2% of all softwood lumber exports; Douglas-fir (12.7%),
treated lumber (13.5%), other pine (12.1%) and finger-jointed (12.6%) were also
significant. Southern pine exports were up 15.3% YTD relative to 2020, while
Doug-fir: +14.9%; and treated: +18.8%.
The foregoing comments represent the
general economic views and analysis of
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