The B.C. port workers strike could cost companies $250 million per week, experts and business groups say, and fuel inflation. Read on.
The hit could be even greater in this case, since West Coast cargo volumes are so much greater and thus tougher to reroute, he said.
British Columbia’s 30-plus ports — the Port of Vancouver is the country’s biggest — handle roughly 16 per cent of Canada’s total traded goods, according to the BC Maritime Employers Association. Beatty said $800 million worth of cargo passes through its terminals each day, from consumer products to auto parts and potash.Article content
“They may have contracts with their customers and they don’t have the ability to pass on increases,” he added. But for those that can, “it just adds to the potential inflationary effect.” “This will impact prices for consumers. Diverting to other ports is costly,” said Brian Kingston, chief executive officer of the Canadian Vehicle Manufacturers’ Association. “The immediate impact is on the importing of finished vehicles.”
Nonetheless, consumers could eventually see higher prices in sectors ranging from fashion to electronics, said Bob Ballantyne, senior adviser and past president at the Freight Management Association of Canada.
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