Softwood lumber exports edged down (14 MMBF or -12.5%) in January, along with imports (-138 MMBF or -11.4%). Exports were 6 MMBF (6.0%) above year-earlier levels; imports were 226 MMBF (-17.4%) lower. As a result, the year-over-year (YoY) net export deficit was 232 MMBF (-19.2%) smaller. Also, the average net export deficit for the 12 months ending January 2022 was 0.5% lower 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: 33.3%; Canada: 21.8%), Asia (18.8%; especially Japan: 6.9%; and Pakistan: 3.4%), and the Caribbean: 20.6% especially the Dominican Republic: 9.1%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China (1.4% of U.S. total) were -75.5% relative to the same month of the prior year. Meanwhile, Canada was the source of most (85.4%) softwood lumber imports into the United States. Imports from Canada were 18.8% lower YTD/YTD. Overall, YTD exports were up 6.0% compared to the prior year; imports: -17.4%.
U.S. softwood lumber export activity through the West Coast customs region represented 35.6% of the U.S. total; Gulf: 35.7%, and Eastern: 21.0%. Seattle (19.1% of the U.S. total), Mobile (16.0%), San Diego (14.3%) and Laredo (10.5%) were among the most active districts. At the same time, Great Lakes customs region handled 55.5% of softwood lumber imports -- most notably the Duluth, MN district (20.2%) -- coming into the United States.
Southern
yellow pine comprised 18.3% of all softwood lumber exports; Douglas-fir (17.4%),
treated lumber (17.4%), other pine (8.7%) and finger-jointed (8.7%) were also
significant. Southern pine exports were down 18.8% YTD/YTD, while Doug-fir: +12.4%;
and treated: +29.7%.
The foregoing comments represent the
general economic views and analysis of
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