Despite the economic slowdown, Canadian export companies are managing to maintain a level of activity higher than last year, according to an analysis of Port of Montreal traffic for the first quarter of 2023. Total cargo for Q1 amounted to 8.2 million tonnes, representing a 5.2% increase from a year ago. Container traffic declined by 7.9%, but it was offset by big increases in dry and liquid bulk.
While import volumes are down, reflecting an economic slowdown, Port of Montreal analysts note that export companies are doing well compared to last year. Which sectors are especially buoyant? A highlight has been containerized grains, including cereals, oats and flour, and especially lentils, which rose 18%.
These products are highly sought after in emerging markets at the Port of Montreal. In fact, volumes to Africa, Latin America, and the Middle East have increased significantly.
Exports are also on the rise to the Mediterranean markets, which are among the Port of Montreal’s traditional markets, breaking the record previously set in 2020.
“These numbers show us that many Canadian companies proved to be resilient and agile in a still shaky global economic environment,” said Guillaume Brossard, Vice-President, Development, Marketing and International Relations . ”The Port of Montreal is proud to be able to offer them preferred competitive access to the most dynamic markets on five continents thanks to its trade balance that supports their exports.”
(Port of Montreal photo)