Softwood lumber exports fell (17 MMBF or -12.8%) in December, along with imports (59 MMBF or -4.6%). Exports were 20 MMBF (21.3%) above year-earlier levels; imports were 201 MMBF (-14.2%) lower. As a result, the year-over-year (YoY) net export deficit was 221 MMBF (-16.8%) smaller. However, the average net export deficit for the 12 months ending December 2021 was 3.2% higher than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (58.7% of total exports; of which Mexico: 37.5%; Canada: 21.3%), Asia (19.1%; especially China: 3.2%; and Japan: 5.4%), and the Caribbean: 9.6% especially the Dominican Republic: 2.0%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were -16.7% relative to the same months of the prior year. Meanwhile, Canada was the source of most (81.9%) softwood lumber imports into the United States. Imports from Canada were 4.4% higher YTD/YTD. Overall, YTD exports were up 29.1% compared to the prior year; imports: +5.1%.
U.S. softwood lumber export activity through the West Coast customs region represented 40.9% of the U.S. total; Gulf: 31.1%, and Eastern: 19.4%. Seattle (17.2% of the U.S. total), Mobile (9.5%), Laredo (12.9%) and San Diego (16.0%) were among the most active districts. At the same time, Great Lakes customs region handled 56.4% of softwood lumber imports -- most notably the Duluth, MN district (20.7%) -- coming into the United States.
Southern
yellow pine comprised 18.1% of all softwood lumber exports; Douglas-fir (14.4%),
treated lumber (10.0%), other pine (11.1%) and finger-jointed (11.0%) were also
significant. Southern pine exports were up 11.5% YTD/YTD, while Doug-fir: +16.0%;
and treated: +19.5%.
The foregoing comments represent the
general economic views and analysis of
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