The Port of Montreal’s revenues in 2019 increased by 5% in 2019 as it saw growth across its segments, including a record TEU throughput and increased trade with Asia.
In a statement released alongside its financial results, the port said it handled 1.75 million TEU in 2019. Asia accounted for 27% of its TEU trade, an 8% increase, with South America at 5% and Africa and Oceania at 4%.
At 57%, Europe remained the main market. At the same time, its trade with the U.S. Midwest enjoyed an 11% upswing.
The port said its “steady growth” over the past six years means it is in a good position to survive the COVID-19 pandemic and retain its “essential role in economic activity”.
Additionally, it also says it can remain focused on the future by moving forward with its major projects, such as planning for a new container terminal in Contrecœur, completing Viau Terminal, erecting the Grand Quay observation tower and developing innovative digital solutions aimed at optimizing Greater Montreal’s logistics and supply chain.
“Port activities generate positive economic returns for businesses, workers and citizens,” commented Sylvie Vachon, the port’s CEO and president.
“Thanks to the collective strength that unites stakeholders in the supply chain, the Port of Montreal is fulfilling its mission despite the most unpredictable challenges, such as the COVID-19 crisis, which has severely tested the social and economic balance.
“The port remains committed to supporting Canadian businesses and playing a key role in the economic recovery to come.”