With May exports of goods and services at $247.1 billion (-0.8% MoM; -3.2% YoY) and imports at $316.1 billion (-2.3% MoM; -6.8% YoY), the net trade deficit was $69.0 billion (-7.3% MoM; -18.0% YoY).
Softwood lumber exports edged up (9 MMBF or +7.6%) in May, along with imports (62 MMBF or +4.2%). Exports were 1 MMBF (+1.2%) above year-earlier levels; imports: 116 MMBF (-8.2%) lower. As a result, the year-over-year (YoY) net export deficit was 118 MMBF (-9.1%) smaller. Also, the average net export deficit for the 12 months ending May 2023 was 0.6% below the average of the same months a year earlier (the “YoY MA(12) % Chng” series shown in the lumber-trade graph above).
North America (57.5% of total softwood lumber exports; of which Mexico: 37.4%; Canada: 20.1%), Asia (15.5%; especially China: 3.6%), and the Caribbean (21.7%; especially the Dominican Republic: 10.5%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were 104.9% higher than the same month of the prior year. Meanwhile, Canada was the source of most (84.9%) softwood lumber imports into the United States. Imports from Canada were 7.2% lower YTD/YTD. Overall, YTD exports were up 1.7% compared to the prior year; imports: -4.4%.
U.S. softwood lumber export activity through the West Coast customs region represented 33.6% of the U.S. total; Gulf: 40.2%, and Eastern: 17.9%. Seattle (14.2% of the U.S. total), Mobile (19.9%), San Diego (17.1%) and Laredo (14.9%) were the most active districts. At the same time, the Great Lakes customs region handled 56.8% of softwood lumber imports -- most notably the Duluth, MN district (18.1%) -- coming into the United States. The Eastern region comprised 20.7% of imports, but that volume was distributed among the districts.
Southern
yellow pine comprised 23.7% of all softwood lumber exports; Douglas-fir (14.2%),
treated lumber (14.3%), other pine (11.5%) and finger-jointed (9.0%) were also
significant.
The foregoing comments represent the
general economic views and analysis of
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