Softwood lumber exports edged up (9 MMBF or +9.0%) in February, along with imports (134 MMBF or +12.5%). Exports were 18 MMBF (19.6%) above year-earlier levels; imports were 66 MMBF (5.8%) higher. As a result, the year-over-year (YoY) net export deficit was 48 MMBF (4.6%) larger. Also, the average net export deficit for the 12 months ending February 2022 was 0.7% lower than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the graph above).
North America (55.4% of total exports; of which Mexico: 26.2%; Canada: 25.3%), Asia (22.4%; especially Japan: 10.7%; and Pakistan: 3.8%), and the Caribbean: 20.9% especially the Dominican Republic: 3.8%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China (2.9% of U.S. total) were -53.0% relative to the same month of the prior year. Meanwhile, Canada was the source of most (82.0%) softwood lumber imports into the United States. Imports from Canada were 10.7% lower YTD/YTD. Overall, YTD exports were up 12.7% compared to the prior year; imports: -6.6%.
U.S. softwood lumber export activity through the West Coast customs region represented 40.2% of the U.S. total; Gulf: 29.7%, and Eastern: 21.2%. Seattle (20.4% of the U.S. total), Mobile (14.7%), San Diego (11.6%) and Laredo (8.5%) were among the most active districts. At the same time, Great Lakes customs region handled 54.7% of softwood lumber imports -- most notably the Duluth, MN district (20.3%) -- coming into the United States.
Southern
yellow pine comprised 15.8% of all softwood lumber exports; Douglas-fir (18.5%),
treated lumber (16.0%), other pine (9.7%) and finger-jointed (9.9%) were also
significant. Southern pine exports were down 20.0% YTD/YTD, while Doug-fir: +28.6%;
and treated: +35.0%.
The foregoing comments represent the
general economic views and analysis of
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