Exports of Canadian forestry products and building and packaging materials rose 10.4% in September to $3.9 billion. This is a 15.5% increase compared with February. Exports of lumber (+23.0%) contributed the most to the overall growth, up for a fifth consecutive month to reach $1.6 billion, the highest level in 14 years.
As was the case with the monthly increases observed in lumber exports since July, the September gain was mainly the result of higher prices.
The latest release of the Industrial product and raw materials price indexes explains that combined lower supplies and higher demand (construction work and home renovation) were behind rising lumber prices in recent months. The export price index for lumber and other sawmill products reached a record high in the third quarter of 2020.
Export price index for Canadian lumber and other sawmill products
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