With August exports of goods and services at $256.0 billion (+1.6% MoM; -2.1% YoY) and imports at $314.3 billion (-0.7% MoM; -4.4% YoY), the net trade deficit was $58.3 billion (-9.9% MoM; -13.4% YoY).
Softwood lumber exports rose (5 MMBF or +5.0%) in August, while imports edged lower (2 MMBF or -0.2%). Exports were 20 MMBF (-15.5%) below year-earlier levels; imports: 251 MMBF (-17.7%) lower. As a result, the year-over-year (YoY) net export deficit was 231 MMBF (-18.0%) smaller. Also, the average net export deficit for the 12 months ending August 2023 was 5.9% 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 (61.2% of total softwood lumber exports; of which Mexico: 39.0%; Canada: 22.2%), Asia (11.8%; especially China: 3.1%), and the Caribbean (20.6%; especially the Dominican Republic: 5.6%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were 66.1% higher than the same month of the prior year. Meanwhile, Canada was the source of most (83.5%) softwood lumber imports into the United States. Imports from Canada were 9.5% lower YTD/YTD. Overall, YTD exports were down 4.7% compared to the prior year; imports: -8.5%.
U.S. softwood lumber export activity through the Gulf customs region represented 42.2% of the U.S. total; West Coast: 30.1%, and Eastern: 18.2%. Mobile (18.3% of the U.S. total), San Diego (15.6%) Laredo (15.4%), and Seattle (12.0%) were the most active districts. At the same time, the Great Lakes customs region handled 56.0% of softwood lumber imports -- most notably the Duluth, MN district (19.3%) -- coming into the United States.
Southern
yellow pine comprised 20.5% of all softwood lumber exports; Douglas-fir (11.6%),
treated lumber (16.5%), other pine (12.0%) and finger-jointed (12.0%) were also
significant.
The foregoing comments represent the
general economic views and analysis of
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