The Canadian spot market continued to grow in March, though the rapid rate of growth we have been experiencing the last few months seems to have plateaued. Compared to last March, volumes saw a prominent increase of 125 percent year-over-year and exceeded this February’s all-time record by an additional 11 percent.
March Spot Freight Highlights
- March’s truck-to-load ratio was 0.68, 53 percent lower compared to the ratio of 1.44 in March 2021.
- The strains on capacity are still very apparent, though this is the first in many months that we have seen capacity grow at all.
- Loads continue to surpass historic trends – volumes climbed 125% since March 2021.
As a result of backlogs from border blockades and vaccine mandates, late February and early March load volumes spiked by 20%. While still high, load volumes shrank by nearly the same amount towards the end of the quarter, while available trucks increased slightly.
Outbound Cross-Border Activity
Truckloads shipping across the border from Canada to the United States, soared 237 percent from this time last year. Equipment postings were down 44 percent year-over-year.
Inbound Cross-Border Activity
Inbound loads rose 9 percent compared to last month and 99 percent compared to last March. Equipment postings were down 33 percent year-over-year and 23 percent from February.
Freight activity within Canada continues to grow. Since March of last year loads within Canada grew 117 percent. Equipment postings climbed slightly, up 17 percent from February, though are still down year-over-year by 22 percent.