May 2024 saw a significant jump in load volumes, building on the positive trend established in April. Compared to the previous month, volumes surged by an impressive 19%. Year-over-year, the increase was equally strong, with a healthy 18% rise compared to May 2023. This marks the second consecutive month of substantial year-over-year growth, potentially indicating a sustained positive trend for the remainder of 2024.
Cross-Border: Cross-border loads accounted for a substantial 66% of all postings submitted by Loadlink’s Canadian customers, highlighting the critical role of international trade.
Inbound vs. Outbound: Inbound cross-border loads (US to Canada) surged 23% year-over-year, while outbound loads (Canada to US) grew by a healthy 9%. This indicates a strong two-way flow of goods between the two countries.
Intra-Canada Stays Steady: Intra-Canadian postings made up the remaining 33% of the data, with month-over-month volumes increasing by a solid 15%. Year-over-year, domestic volumes also saw a healthy rise of 13% as well.
Equipment Trends: On a positive note, both inbound and outbound cross-border equipment postings decreased by 12% and 14% year-over-year, respectively.
Truck-to-Load Ratio: In May, the truck to load ratio fell 15% to 3.06 from 3.6 in April 2024. The truck to load ratio is 24% lower than May 2023, showing signs of market improvements.
Overall, Loadlink’s data paints a picture of a dynamic and growing freight market in Canada. Cross-border trade remains a significant driver, with both inbound and outbound volumes having increased in May. While equipment availability has tightened slightly, the overall market appears to be becoming more balanced, which is ideal for sustained growth.
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