Industry organizations say the job action by 7,400 waterfront employees that began Saturday will back up shipments, deplete inventories and boost prices on goods in shorter supply.
The economic toll will amount to at least $250 million per week, said Werner Antweiler, chair in international trade policy at the University of British Columbia’s Sauder School of Business.
Companies face the choice of riding out the strike by drawing on existing stock and holding on to exports that cannot be shipped — resulting in lost sales and storage costs, respectively — or finding alternate routes for their products, including through already stretched ports in the United States. In a letter to the prime minister Wednesday, 120 business groups expressed "deep concern" about the five-day job action, saying it would fuel inflation, raise costs and dent the economy while hampering exports.
"Companies don't run huge inventories, as we learned during the pandemic," Darby said, adding some will be able to hold out for just a few days. "This will impact prices for consumers. Diverting to other ports is costly," said Brian Kingston, CEO of the Canadian Vehicle Manufacturers' Association. “The immediate impact is on the importing of finished vehicles."
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