With July exports of goods and services at $251.7 billion (+1.6% MoM; -3.5% YoY) and imports at $316.7 billion (+1.7% MoM; -4.7% YoY), the net trade deficit was $65.0 billion (+2.0% MoM; -9.3% YoY).
Softwood lumber exports edged down (3 MMBF or -2.8%) in July, along with imports (54 MMBF or -4.4%). Exports were 9 MMBF (-8.0%) below year-earlier levels; imports: 150 MMBF (-11.4%) lower. As a result, the year-over-year (YoY) net export deficit was 141 MMBF (-11.8%) smaller. Also, the average net export deficit for the 12 months ending July 2023 was 3.3% 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 (53.4% of total softwood lumber exports; of which Mexico: 36.1%; Canada: 17.3%), Asia (13.0%; especially China: 4.1%), and the Caribbean (26.6%; especially the Dominican Republic: 14.1%) were the primary destinations for U.S. softwood lumber exports. Year-to-date (YTD) exports to China were 78.0% higher than the same month of the prior year. Meanwhile, Canada was the source of most (85.9%) softwood lumber imports into the United States. Imports from Canada were 8.2% lower YTD/YTD. Overall, YTD exports were down 2.9% compared to the prior year; imports: -7.1%.
U.S. softwood lumber export activity through the Gulf customs region represented 41.7% of the U.S. total; West Coast: 32.2%, and Eastern: 18.7%. Mobile (22.2% of the U.S. total), San Diego (16.7%) Laredo (13.3%), and Seattle (12.7%) were the most active districts. At the same time, the Great Lakes customs region handled 55.7% of softwood lumber imports -- most notably the Duluth, MN district (18.5%) -- coming into the United States.
Southern
yellow pine comprised 29.2% of all softwood lumber exports; Douglas-fir (12.8%),
treated lumber (16.1%), other pine (11.2%) and finger-jointed (7.5%) were also
significant.
The foregoing comments represent the
general economic views and analysis of
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