Shipping transports about 90 percent of global trade and Canada’s ports are key to moving goods and people via complex logistical supply chains extending to seaports in more than 170 countries throughout the world.
British Columbia is home to Canada’s largest and third largest ports, the Port of Vancouver and Port of Prince Rupert, respectively. These ports serve as strategic and critical gateways for Canadian shippers, manufacturers and retailers engaged in trade with Asia.
Port of Vancouver:
Economic Impact and Trade Volumes: The Port of Vancouver supports a substantial portion of Canadian trade, handling approximately $305 billion in goods annually with over 170 trading economies. In 2023, the port recorded a 6% increase in overall cargo volumes, reaching 150.4 million metric tonnes (MMT) despite challenges like global economic cooldowns and a labour disruption.
Key Commodities and Growth: Bulk exports saw a notable increase, with grain, sulphur, coal, and petroleum products seeing significant upticks. The port also managed strong cruise sector performance, accommodating a record 1.24 million passengers in 2023.
Container and Terminal Operations: While container volumes were down by 12% in 2023, reflecting broader trends on the West Coast of North America, there was a recovery in containerized exports, up 7% from the previous year.
Infrastructure and Capacity Enhancements: Several key capacity and optimization projects were either completed or advanced in 2023, including the expansion of the Centerm container terminal and the approval of the Roberts Bank Terminal 2 Project.
Principle trading economies:
Port of Prince Rupert:
Cargo Volumes and Economic Impact: The Port of Prince Rupert handled 23.5 MMT of cargo in 2023, a decrease of 5% from 2022, marking the third consecutive year of declining volumes. This decline was attributed to global shipping route changes, reduced import demand, and competition with other North American ports.
Employment and Expansion: Employment at the port has continued to evolve with the operational needs and expansion projects. Notably, the port has been involved in several expansion projects aimed at increasing capacity, such as the construction of a second berth at Trigon Pacific terminals, funded by a nearly $75 million investment from the Canadian government.
Strategic Developments: The port continues to position itself as a crucial node for trade between North America and Asia, benefiting from its geographical advantages and ongoing infrastructure improvements. This includes expansions in container handling capacities and enhancements to accommodate larger vessel sizes and increase throughput. Additionally, the $750 million CANEXPORT is expected to commence operations by 2026, which will add additional capacity 1.1 million TEU’s.
