With March exports of goods and services at a record $241.7 billion (+5.6% MoM; +17.7% YoY) and imports at an all-time-high $351.5 billion (+10.3% MoM; +27.0% YoY), the net trade deficit was $109.8 billion (+22.3% MoM; +53.8% YoY), exceeding $100 billion for the first time.
Softwood lumber exports were virtually unchanged (+1 MMBF or 1.0%) in March, but imports jumped (179 MMBF or +14.8%). Exports were 6 MMBF (5.8%) above year-earlier levels; imports were 69 MMBF (4.7%) lower. As a result, the year-over-year (YoY) net export deficit was 75 MMBF (5.5%) smaller. Also, the average net export deficit for the 12 months ending March 2022 was 1.8% lower than the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the lumber-trade graph above).
North America (60.9% of total softwood lumber exports; of which Mexico: 30.6%; Canada: 30.3%), Asia (12.5%; especially Japan: 30.5%; and Pakistan: 1.6%), and the Caribbean: 20.4% especially the Dominican Republic: 6.2%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China (1.8% of U.S. total) were -53.0% relative to the same month of the prior year. Meanwhile, Canada was the source of most (82.9%) softwood lumber imports into the United States. Imports from Canada were 9.4% lower YTD/YTD. Overall, YTD exports were up 10.2% compared to the prior year; imports: -5.9%.
U.S. softwood lumber export activity through the West Coast customs region represented 34.7% of the U.S. total; Gulf: 27.2%, and Eastern: 25.1%. Seattle (16.4% of the U.S. total), Mobile (10.9%), San Diego (14.8%) and Laredo (8.2%) were among the most active districts. At the same time, Great Lakes customs region handled 53.9% of softwood lumber imports -- most notably the Duluth, MN district (20.6%) -- coming into the United States.
Southern
yellow pine comprised 17.7% of all softwood lumber exports; Douglas-fir (18.6%),
treated lumber (14.8%), other pine (9.4%) and finger-jointed (10.4%) were also
significant. Southern pine exports were down 13.2% YTD/YTD, while Doug-fir: +28.8%;
and treated: +27.3%.
The foregoing comments represent the
general economic views and analysis of
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