Canadian Freight Index Highlights:

The second quarter of 2024 brought a dynamic mix to the Canadian freight industry, showcasing both impressive growth and seasonal adjustments.

Q2 Recap:

The quarter kicked off with strong multi-digit volume growth, reflecting the ongoing resilience of the industry. While some fluctuations occurred in the following months, it’s important to remember that these adjustments are typical seasonal trends. Our data continues to demonstrate the overall stability of annual volumes, providing valuable insights for businesses.

Seasonal Shifts and Opportunities

As expected, June saw a decrease in freight activity compared to May, mirroring historical trends where summer months often experience a slowdown. This resulted in a 20% month-over-month decline in volume and a slight 3% year-over-year decrease compared to June 2023.

Cross-Border

Cross-border trade remained a significant driver, with postings accounting for a healthy 67% of Canadian customer data.

  • Inbound: Inbound cross-border loads (from the US to Canada) were steady throughout the quarter.
  • Equipment: Despite a slight dip in outbound equipment postings year-over-year, overall equipment availability remains strong.

Intra-Canada:

Intra-Canadian postings made up 32% of the data, demonstrating a strong domestic market. While June saw a decrease in activity, which is on par with historical seasonal trends.

Equipment Breakdown:

  • Dry Vans: Leading the pack at 53%, dry vans remain a critical component of the freight landscape.
  • Reefer: Reefer postings made up 25% of postings, this increase is to be expected due to the increased need for temperature-controlled transportation in the summer months.
  • Flatbed: Flatbeds accounted for 18% of postings.

Truck-to-Load Ratio:

The truck-to-load ratio in June indicates a healthy balance between available trucks and posted loads. While it increased 11% from May, it remained 16% lower than June 2023 meaning that the industry is more balanced year-over-year.

Conclusion: A Q2 to Build On!

Q2 2024 showcased the Canadian freight industry’s adaptability and resilience. While seasonal adjustments are to be expected, the underlying strength of the market remains clear. By leveraging data insights and strategic planning, businesses can navigate these shifts and capitalize on the exciting opportunities that lie ahead!

Loadlink Technologies, with over 30 years of experience, continues to play a pivotal role in Canada’s freight movement by efficiently matching trucks with loads. Their reliable technology, data, and analytics ecosystem contribute to the industry’s largest and most efficient digital freight network.