With February exports of goods and services at $263.0 billion (+2.3% MoM; +4.1% YoY) and imports at $331.9 billion (+2.2% MoM; +2.8% YoY), the net trade deficit was $68.9 billion (+1.9% MoM; -1.7% YoY).
Softwood lumber exports rose (10 MMBF or +10.2%) in February, along with imports (99 MMBF or +8.9%). Exports were 14 MMBF (+14.3%) above year-earlier levels; imports: 127 MMBF (+11.6%) higher. As a result, the year-over-year (YoY) net export deficit was 113 MMBF (+11.4%) higher. Also, the average net export deficit for the 12 months ending February 2024 was 7.5% 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 (56.9% of total softwood lumber exports -- of which Mexico: 36.7%; Canada: 20.2%), Asia (15.1% -- especially India: 3.5%; Japan: 2.2%; China: 4.0%), and the Caribbean (21.0% -- especially the Dominican Republic: 10.7%; Bahamas: 2.1%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were 9.9% lower than the same month(s) of the prior year. Meanwhile, Canada was the source of most (83.4%) softwood lumber imports into the United States. Imports from Canada were 8.6% higher YTD/YTD. Overall, YTD exports were up 7.9% compared to the prior year; imports: +0.4%.
U.S. softwood lumber export activity through the Gulf customs region represented 40.2% of the U.S. total; West Coast: 28.2%, and Eastern: 22.0%. Mobile (18.8% of the U.S. total), San Diego (14.9%) Seattle (12.0%), and Laredo (15.7%) were the most active districts. At the same time, the Great Lakes customs region handled 57.1% of softwood lumber imports -- most notably the Duluth, MN district (16.9%) -- coming into the United States.
Southern
yellow pine comprised 30.7% of all softwood lumber exports; other pine (12.1%),
Douglas-fir (12.9%), treated lumber (12.1%), and finger-jointed (9.7%) were
also significant.
The foregoing comments represent the
general economic views and analysis of
