Softwood lumber exports fell (22 MMBF or -14.6%) in November, along with imports (60 MMBF or -4.5%). Exports were 41 MMBF (45.4%) above year-earlier levels; imports were 108 MMBF (-7.8%) lower. As a result, the year-over-year (YoY) net export deficit was 148 MMBF (-11.5%) smaller. However, the average net export deficit for the 12 months ending November 2021 was 6.1% higher than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (55.1% of total exports; of which Mexico: 37.6%; Canada: 17.5%), Asia (21.4%; especially China: 6.3%; and Japan: 5.3%), and the Caribbean: 17.9% especially the Dominican Republic: 7.3%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -16.2% relative to the same months in 2020. Meanwhile, Canada was the source of most (90.4%) softwood lumber imports into the United States. Imports from Canada were 6.2% higher YTD than the same months in 2020. Overall, YTD exports were up 29.8% compared to 2020; imports: +7.1%.
U.S. softwood lumber export activity through the West Coast customs region represented 30.6% of the U.S. total; Gulf: 42.2%, and Eastern: 21.7%. Mobile (16.9% of the U.S. total), Seattle (15.7%), Laredo (16.7%) and San Diego (12.3%) were among the most active districts. At the same time, Great Lakes customs region handled 64.2% of softwood lumber imports -- most notably the Duluth, MN district (23.6%) -- coming into the United States.
Southern
yellow pine comprised 24.9% of all softwood lumber exports; Douglas-fir (13.5%),
treated lumber (12.7%), other pine (13.0%) and finger-jointed (13.6%) were also
significant. Southern pine exports were up 16.5% YTD relative to 2020, while
Doug-fir: +16.2%; and treated: +21.2%.
The foregoing comments represent the
general economic views and analysis of
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