Vancouver port traffic dips in 2022, hinting at economic slowdown to come
Cargo volumes at Canada’s largest port fell by three per cent last year as the global economy began to show signs of a slowdown.
Despite the decrease, he stressed that more capacity is “desperately needed” due to rising trade and population forecasts down the line. A new container terminal that would boost that capacity by nearly 50 per cent, dubbed the Roberts Bank Terminal 2 Project, received federal cabinet approval last month — a critical step — but still requires various permits to proceed.
The wave of cruise ships shows no signs of ebbing, Silvester said from his waterfront office, where the Grand Princess, Koningsdam and Norwegian Jewel were visible through the window. Meanwhile a bumper crop in 2022 along with sharply reduced grain supply out Russia and Belarus — fallout from the former’s invasion of Ukraine — point to increased grain shipments this year.
“We still have softer consumer spending. And we’re certainly also hearing about congestion in the supply chain with full warehouses in the main population areas around Toronto and Montreal, stock not clearing through the system as quickly as normal,” Silvester said. Nonetheless, the port handled its second-highest annual volume of containers on record last year, he noted — though 28 per cent of them were empty, compared with 18 per cent in 2020. The higher proportion owed to lower grain exports and higher freight rates, the port said.
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