Americas Construction Building Products June Import Update

Equity Research 14 August 2026 | 4:44PM EDT

Americas Construction: Building Products: June Import Update

Shipments Continue to Decline as Consumers Defer Housing Spend: Susan Maklari | Value-weighted unit imports declined for the 11th consecutive month in June, down Goldman Sachs & Co. LLC 9% YOY vs an 8% decrease in May and a 4% decline last year across building product Charles Perron-Piche, CFA categories. This was led by cabinets down 39% while refrigerators were off 34% as | charles.perron- the industry adjusts to weak demand, partially offset by vinyl tiles up 41% and Goldman Sachs & Co. LLC

lighting up 37% against relatively easy comps. The ongoing deceleration is in line with Rhea Bhatia | underlying housing activity as consumers defer big ticket discretionary projects and Goldman Sachs India SPL related spend. We expect volumes to remain volatile in the coming months as trade Galilee Best actions, including the Section 301 and Section 232 tariffs, along with economic | Goldman Sachs & Co. LLC conditions weigh on supply/demand. For context, global import volumes were up 22% vs the same period in 2019.

Chinese Imports Rise After Declining for 13 Consecutive Months: Value-weighted volumes from China rose 29% YOY in June, the first YOY gain since April 2025, vs a 33% decline last month and 61% decrease a year ago. Out of 19 categories, 8 saw growth this month vs 1 a year ago. Those from Rest of World (ex-China) were off 11% vs a 3% decline in May and +7% last year. The contraction was led by Mexico, South Korea, Vietnam, Canada, and Germany, partially offset by gains in Thailand, Malaysia, Cambodia, and Czech Republic, among others. We note China gained back ~197bps of share YOY on a value-weighted basis given an easy comp.

Wood Products Tracker: Imports of framing lumber and plywood fell 6% and 1%, respectively, while OSB declined 22% YOY. We note plywood volumes rose 23% sequentially, primarily led by Indonesia, while framing lumber was up 1% as an increase in Canadian imports was partially offset by declines from Brazil and Europe. Conversely, a pullback in shipments from Canada drove OSB down 16% vs May.

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Goldman Sachs Americas Construction: Building Products

Exhibit 1: Global Imports Fell in June Value-Weighted Imports in Select Building Product Categories, % Change YOY 210%

-90% Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 China Global ROW

Source: USITC, Goldman Sachs Global Investment Research

Exhibit 2: China Accounted for 10% of Total Building Exhibit 3: Changes in Global Imports by Segment Product Imports in June YOY % Change, Based on Volumes Share of Chinese Volumes (LTM) Category Jun-26 LTM 60% Lighting 37% -12% Flooring 16% -3% 50% Composites 7% -7% Plywood -1% -10% 40% Gas Tank Water Heaters -6% 1% Framing Lumber -6% -15% 30% Electric Tank Water Heaters -7% 0% Electric Tankless Water Heaters -13% -12% OSB -22% -15% 20% T-6 Appliances -25% -22% Gas Tankless Water Heaters -28% -8% 10% Cabinets -39% -21% Mattresses -43% -28% 0%

Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26

Source: USITC, Goldman Sachs Global Investment Research Source: USITC, Goldman Sachs Global Investment Research