Port of Vancouver cargo volumes increase by 11% in H1 2023
With growth in some sectors and softening in others, cargo volumes through the Port of Vancouver increased by 11% in the first half of 2023 compared to the same period last year. The Vancouver Fraser Port Authority’s 2023 mid-year statistics, released today, show a total of 75.9 million metric tonnes (MMT) of goods moved through Port of Vancouver terminals between January 1 and June 30, 2023, compared to 68.6 MMT for the same period in 2022, according to the company's release.
The mid-year cargo volumes are released annually and include data from the first six months of the year through the end of June. As such, these figures do not reflect any cargo impacts resulting from the July 2023 labour disruption.
This is the second largest mid-year volume of cargo ever handled by Port of Vancouver terminal operators (the record of 76.4 MMT was set in 2021) and a new record for the bulk sector at 55.5 MMT, following a significant rebound in grain volumes as Prairie farmers moved last season’s bumper crop to international markets through the Pacific gateway.
Grain was up 106% overall compared to the same period last year, increasing sharply because this year’s bumper crop season was preceded by a drought-affected season. This included a 121% increase for bulk grain and 28% increase for containerized grain. Canola volumes were up 124%, while bulk specialty crops such as lentils increased 89%. Bulk wheat was up 144%, with 17% of the wheat exported through the Port of Vancouver going to Africa as world markets continue to settle. Japan and Algeria were the top-two export markets for Canadian wheat.
The automotive and cruise sectors also showed significant increases over 2022 during the first half of 2023. Automotive was up almost one-third, following strong terminal throughput in early 2023, as supply chain and production issues eased, bringing the sector into line with traditional volumes after several years of volatility. The cruise sector remains on course for a record season, with passenger numbers up 82% year-to-date June compared to the same period last year. Almost 500,000 passengers passed through the Canada Place cruise terminal at the Port of Vancouver from April 1 to June 30, 2023, and there were 134 cruise ship visits.
Container volumes through the Port of Vancouver fell in the first half of 2023, in line with trends being seen throughout North America, as a slowing economy meant fewer imports. Overall container volumes were down 14% compared to the first half of 2022, as imports (or inbound laden) dropped 18%. The decrease was partially offset at the Port of Vancouver by recovering containerized exports, with outbound laden up 14% as Canadian exporters took advantage of lower container freight rates and increased availability post-pandemic.
Volumes for other commodities remained steady with fertilizer down 1% and coal down 2%. Foreign breakbulk was 15% lower overall, following a slowing Canadian economy, lower forestry exports and many Canadian exporters shifting their method of handling to containers as pandemic disruptions resolved.
The Vancouver Fraser Port Authority is the federal agency responsible for the shared stewardship of the lands and waters that make up the Port of Vancouver. The Port of Vancouver is Canada’s largest port, and the third largest in North America by tonnes of cargo. Enabling the trade of approximately $305 billion in goods with more than 170 world economies, port activities sustain 115,300 jobs, $7 billion in wages, and $11.9 billion in GDP across Canada.
