Huge monthly improvements in outbound cross-border postings for Ontario and Western Canada, yet Quebec trailblazed as best performing market so far into Q3 2021
TORONTO – Loadlink Technologies’ Canadian spot market saw load volumes in August rise slightly by four percent from July. Continuing from July, very strong outbound cross-border performance offset a decline in inbound volumes, while domestically, freight volumes remained steady with a very minor two percent uptick month-over-month.
AUGUST HIGHLIGHTS
- The Civic Holiday caused a shortened work week at month start, helping average daily loads grow by five percent week-over-week, followed by week three rising another seven percent
- The month ended with two consecutive days of the highest load volumes since the end of Q2 in June 2021
Outbound Cross-border Activity
Once again, outbound cross-border loads were the best performing area of Loadlink as overall load posting volumes spiked another 42 percent in August from an already impressive 24 percent gain in July. Year-over-year, this number was 66 percent higher than in August 2020. Equipment postings fell 11 percent on a monthly basis and remained unchanged from last August.
Both Ontario and Western Canada followed in Quebec’s footsteps from last month as both regions saw a 55 and 44 percent increase in outbound cross-border loads, respectively. Quebec continued its standout performance this quarter with another consecutive month of significant gains as outbound loads from the region rose 22 percent.
Inbound Cross-border Activity
Like July, inbound cross-border activity in August saw an overall decline to counteract some of the gains from improved outbound volumes. Inbound cross-border load postings declined 15 percent compared to July, while year-over-year, were up 14 percent from August 2020. Equipment movement was more active than the outbound side as there was an 11 percent increase in truck postings entering Canada, and 22 percent more postings than in August 2020.
Loads entering Canada from across the border saw declines across all regions of Canada. Unlike last month, August saw the biggest drop in volumes with 28 percent less freight. Ontario followed behind with a 13 percent decrease, while both Quebec and Atlantic Canada saw minor drops of four and six percent, respectively.
Intra-Canadian Activity
Load volumes on the domestic front for Loadlink’s Canadian spot market remained relatively stable again as August saw just a two percent increase in postings following July’s steady numbers over June. Year-over-year, postings were up 33 percent compared to August 2020.
For inbound freight, Quebec performed the best with 52 percent more load postings destined for the region. Ontario had 16 percent more loads while Western Canada only saw a slight bump of four percent more volume.
Outbound domestic freight did not see the same level of improved activity as the inbound markets. Quebec showed strong improvement again with 31 percent more outbound loads. Both Ontario and Western Canada had less domestic outbound activity with seven and one percent less freight, respectively.
Average Truck-to-Load Ratios
In August, the truck-to-load ratio improved by three percent, falling to a value of 2.98 compared to 3.08 in July. Year-over-year, August’s truck-to-load ratio was 15 percent lower compared to a ratio of 3.50 in August 2020.
About Loadlink Indexes
Rate Index data is based on the average spot rates paid by freight brokers and shippers to carriers in the specific lanes where loads are hauled. This data also shows real-time and historical available capacity, and total truck-to-load ratios.
Freight Index data provides insight on Canada’s economy at large, and is a primary resource for the trucking community. The Freight Index accurately measures trends in the truckload freight spot market as its components are comprised from roughly 6,200 Canadian carriers and freight brokers. This data includes all domestic, cross-border, and interstate data submitted by Loadlink customers.
About Loadlink Technologies
Loadlink Technologies helps Canadian transportation companies facilitate the critical movement of goods by trucks through the use of its technology. With decades of propelling innovation and by way of its modernized freight matching, the company helps its members drive better business performance and competitiveness while delivering new levels of customer experiences.