Canada is globally renowned for its stable, dynamic and growing economy. With a GDP output of US$1.787 trillion in 2014, Canada is the 11th largest economy in the world. Its abundant natural resources, skilled labour force and world-class infrastructure have made Canada a leading trading nation. In a desire to accommodate the high volume of trade passing through North America, the Canadian Government is expanding the holding capacity of its maritime ports. This edition of Containers: Scale and Demand will discuss Canada’s expansion projects at the Port of Montreal.
The geographical positioning of Canada between the Atlantic and Indian Oceans is fundamental to the nation’s strong record of growth. Maritime accessibility to Europe, America and Asia has established Canada’s global reputation as a competitive trading power. Canada’s main exports are oil, vehicles and industrial goods. The transportation of these exports around the world has made maritime operations particularly vital. Last year, Canada shipped approximately US$474.8 billion worth of goods, up 22.8% since 2010. This year, the nation also experienced the biggest two-month increase in exports since January 2011, with outbound trade rising 5.5% and 2.3% in June and July respectively. Similarly, the value of imports into Canada in 2014 was 18% higher than figures in 2010 at US$462.8 billion.
Renewed consumer confidence in the West, coupled by a rising Asian middle class will place increased pressure on Canadian ports as the global volume of trade continues to rise. To ensure its existing infrastructure is adequately prepared to meet these conditions, the Canadian Government has invested US$36.5 million to help support the Port of Montreal expansion project.
Read our latest Containers: Scale & Demand report here.