Click image
for larger view
Softwood
lumber exports decreased by 2 MMBF (-1.8%) in December (the smallest volume since
September 2012) while imports fell by 59 MMBF (5.9%). Exports were 29 MMBF (19.7%)
below year-earlier levels; imports were
161 MMBF (18.0%) higher.
Click image
for larger view
The
rest of North America (i.e., Canada and Mexico) was once again the primary
destination for U.S. softwood lumber exports in November (45.9%). Asia
(especially China and Japan) was a distant second (32.7%). Canada was also the
largest single-country destination (24.0%). Year to date (YTD), exports to
China were -13.0% relative to the same period in 2013 (down from roughly +11%
YOY as recently as September). Meanwhile, Canada was the source of nearly all
(95.3%) softwood lumber imports into the United States. Overall, YTD exports
were down 2.7% compared to the same period in 2013, while imports were up 11.1%.
Click image
for larger view
Click image
for larger view
Despite
the port slowdown, U.S. softwood lumber export activity through West Coast
customs districts increased in December (to roughly 39% of the U.S. total, from
35% in November); Seattle retained the title of most-active district, with 25.7%
of the December total. At the same time, Great Lakes customs districts handled over
70% of the softwood lumber imports (especially Duluth, MN with 32%) coming into
the United States.
Click image
for larger view
Click image
for larger view
Southern
yellow pine comprised 22.7% of all softwood lumber exports in December,
followed by Douglas-fir with 16.3%. YTD, southern pine exports were up 23.4%
relative to the same months in 2013, while Douglas-fir exports were down 20.5%.
The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.