The Canadian Press - ONLINE EDITION

North American lumber exports to Asia fell sharply in March amid port strike

  • Print

MONTREAL - North American lumber exports to Asia were down sharply in March, held back by a Vancouver port strike, according to a U.S.-based trade industry association which found exports to China fell nearly 42 per cent from the prior year while exports to Japan plummeted 59 per cent.

However, the Western Wood Products Association said improvements in North American markets meant that overall shipments by Canadian and U.S. producers were down just 1.9 per cent year over year. Overall Canadian shipments decreased 4.8 per cent while U.S. shipments were 0.4 per cent higher even as both countries saw deliveries grow 8.4 per cent from February.

North American lumber production increased 3.1 per cent in March to 4.7 billion board feet. Canadian production rose 2.4 per cent to 2.1 billion board feet in March, up 10.1 per cent from the prior month. B.C. output increased 10.8 per cent while the rest of Canada was up 9.4 per cent.

Lumber use in Canada rose 31.1 per cent to 678 million board feet or 14 per cent of North American production, while U.S. consumption fell 0.8 per cent to 3.3 billion board feet.

North American lumber inventories increased 5.8 per cent from February to 6.5 billion board feet, due to rail shipment delays and the Vancouver port strike.

Lumber prices have fallen 12 per cent so far this year after rising 19 per cent in 2013.

Paul Quinn of RBC Capital Markets expects prices will decrease four per cent in 2014 to US$340 per thousand board feet, before increasing 15 per cent to US$390 in 2015 and US$415 in 2016.

Canadian lumber producers Canfor Corp. (TSX:CFP) and Western Forest Products Inc. (TSX:WEF) said in April that shipments had been affected by weather-related transportation issues and the port strike. They expected a rebound in the second quarter as warmer weather contributed to stronger residential construction demand.

RBC estimates U.S. housing starts will surpass one million in 2014 for the first time since the recession, reaching 1.1 million units followed by 1.25 million in 2015 and 1.35 million in 2016.

Follow @RossMarowits on Twitter

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

O'Shea says the team is going to stick to the plan after first loss

View more like this

Photo Store Gallery

  • JJOE.BRYKSA@FREEPRESS.MB.CA Local-Postcard  Day-Horror frost and fog created a most beautiful setting at Assiniboine Park Thursday morning in WInnipeg- Enviroent Canada says the fog will lifet this morning and will see a high of -7C-  JOE BRYKSA/WINNIPEG FREE PRESS- Feb 18, 2010
  • May 22, 2012 - 120522  - Westminster United Church photographed Tuesday May 22, 2012 .  John Woods / Winnipeg Free Press

View More Gallery Photos

Poll

What's your take on a report that shows violent crime is decreasing in Winnipeg?

View Results

View Related Story

Ads by Google