ECONOMIC WATCH: Canada’s spot market volumes continue to rise

TORONTO, Ont. – There were more spot market loads available in Canada in July than June for the first time in Loadlink history, the company reports. Freight demand during a traditionally slow period actually strengthened this July, as freight continued to recover from the Covid-19 economic shutdown. Historically, July load volumes have been 18% below June levels, however this year July came out on top as the economic recovery continued.

(Source: Loadlink Technologies)

Loads were also up 1% year-over-year, representing the first y-o-y increase since the Covid-19 pandemic broke out.

Monthly truck volumes were the greatest this year, but the overall truck-to-load ratio contracted, thanks to rising volumes. Early August data shows load volumes continuing to trend slightly upwards, Loadlink Technologies reports, with a predicted 4-5% increase in freight volumes. If the trend continues, Loadlink suggests July and August may provide the first consecutive months with positive year-over-year comparisons since June and July 2019, when load volumes were at record levels.

(Source: Loadlink Technologies)

In July, cross-border outbound and intra-Canada volumes both improved from June, while inbound loads from the U.S. saw a slight decline.

Outbound loads to the U.S. surged 26% while inbound loads were down 9%. The cross-border lanes with the largest increases included: B.C. to California, up 144%; Alberta to Minnesota, up 135%; Quebec to Virginia up 114%; and Ontario to Connecticut, up 98%. City-to-city lanes with impressive monthly gains included: Montreal to Toronto, up 99%; Delta, B.C. to Calgary, up 63%; Bakersfield, Calif., to Toronto, up 54%; and Edmonton to Surrey, B.C., up 49%.

In July, there were 3.8 trucks per load, down from 3.84 in June.

In July 2019, the truck-to-load ratio was 9% higher at 4.16.

(Source: Loadlink Technologies)

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