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With May exports of goods and services at $255.9 billion (+1.2% MoM; +21.7% YoY) and imports at $341.4 billion (+0.6% MoM; +23.3% YoY), the net trade deficit was $85.5 billion (-1.3% MoM; +28.4% YoY).
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Softwood lumber exports rose (14 MMBF or +13.4%) in May, along with imports (12 MMBF or +11.4%). Exports were 12 MMBF (+11.4%) above year-earlier levels; imports were 133 MMBF (-8.6%) lower. As a result, the year-over-year (YoY) net export deficit was 145 MMBF (-10.1%) smaller. Also, the average net export deficit for the 12 months ending May 2022 was 7.9% below the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the lumber-trade graph above).
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North America (58.0% of total softwood lumber exports; of which Mexico: 28.9%; Canada: 29.1%), Asia (13.0%; especially Japan: 4.0%), and the Caribbean: 22.3% especially the Dominican Republic: 5.0%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China (2.0% of U.S. total) were -44.4% relative to the same month of the prior year. Meanwhile, Canada was the source of most (85.0%) softwood lumber imports into the United States. Imports from Canada were 9.8% lower YTD/YTD. Overall, YTD exports were up 5.6% compared to the prior year; imports: -7.2%.
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U.S. softwood lumber export activity through the West Coast customs region represented 35.6% of the U.S. total; Gulf: 31.4%, and Eastern: 22.1%. Seattle (17.6% of the U.S. total), Mobile (16.3%), San Diego (14.0%) and Laredo (9.6%) were among the most active districts. At the same time, Great Lakes customs region handled 57.1% of softwood lumber imports -- most notably the Duluth, MN district (24.6%) -- coming into the United States.
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Southern
yellow pine comprised 19.2% of all softwood lumber exports; Douglas-fir (17.2%),
treated lumber (17.4%), other pine (9.2%) and finger-jointed (9.6%) were also
significant. Southern pine exports were down 10.2% YTD/YTD, while Doug-fir: +27.4%;
treated: +16.2%; and finger-jointed: +63.4%.
The foregoing comments represent the
general economic views and analysis of
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