Vancouver: Capturing the Port of Vancouver's future share of the rapidly expanding market for North American container traffic will require significant new investment in port land and infrastructure, Vancouver Port Authority (VPA) President & CEO Gordon Houston said today upon announcing the Port's cargo volumes for 2002.

"Container traffic at the Port of Vancouver increased 27 per cent last year to nearly 1.5 million TEUs (twenty-foot-equivalent units)," Capt. Houston said. "By 2020, we forecast that container volumes will continue to grow to more than four million TEUs annually, while creating more than 50,000 new jobs.

"We have the potential to be one of the brightest economic development and job creation engines in British Columbia. But achieving this promise will require that certain challenges are met including regulatory issues, access to capital, infrastructure requirements and competitive threats from U.S. ports."

Container volumes at the Port of Vancouver increased from 1.146 million TEUs in 2001 to a record 1.458 million TEUs in 2002. Total containerized imports grew a massive 34 per cent over the previous year to 738,147 TEUs with full imports increasing 39 per cent to 685,845 TEUs. "Continued strong domestic consumer demand coupled with Vancouver's status as an alternative gateway fuelled container increases to new records," said Houston.

Total exports also saw healthy increases with 720,095 TEUs shipped, a 21 per cent gain, with full exports increasing 10 per cent to 595,503 TEUs, owing largely to containerized shipments of wood pulp to China, South Korea and Indonesia. For the first time at the Port of Vancouver, full imports exceeded full exports.

Total forest products shipments saw a modest gain of 2 per cent with 7.3 million tonnes shipped. Lumber increased 3 per cent to 1.8 million tonnes. Lower shipments to Japan were offset by increased shipments to Hong Kong, China, Taiwan and South Korea. Wood pulp volumes grew 11 per cent to 4.0 million tonnes driven by strong export volumes to China, South Korea and the Netherlands.

Despite some strong gains over 2002, total tonnage through the Port of Vancouver was off 14 per cent to 62.8 million tonnes. "While the Port of Vancouver experienced a mixed year across its sectors in an uncertain business climate, it is clear that the Port of Vancouver is an economic force with potential for solid growth," said David Stowe, Chairman, Vancouver Port Authority.

Total dry bulk shipments totaled 41.2 million tonnes, declining 22 per cent. Shipments of coal, the Port of Vancouver's single largest commodity, were 23 million tonnes, off 15 per cent from the previous year. Decreased global demand combined with stiff competition accounted for the decrease. Shipments of grain declined 56 per cent to 5.2 million tonnes due to poor weather, low yields and a labour dispute in the grain sector. Wheat shipments were off 55 per cent from the previous year to 3.3 million tonnes. Canola was down 54 per cent to 1.6 million tonnes. Shipments of potash, meanwhile, jumped 22 per cent to 3.9 million tonnes. Sulphur experienced a gain of 1 per cent to 5.2 million tonnes.

Liquid bulk volumes increased 3 per cent to 6.4 million tonnes while petroleum shipments increased 13 per cent to 4.1 million tonnes. Total chemical volumes remained even with last year's numbers with 2.3 million tonnes shipped.

In the cruise sector, the Port of Vancouver celebrates two decades of consecutive growth in Vancouver's cruise business with the number of revenue passengers up 6 per cent to 1,125,252 revenue passengers and 342 sailings in 2002, up 11 sailings from a year earlier.

The Port of Vancouver is Canada's largest and most diversified port, trading more than $29 billion in goods with more than 90 nations. Port activities generate 62,000 jobs in total with $1.6 billion in Gross Domestic Product and $3.5 billion in economic output.

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For more information, please contact:

Anne McMullin,
Director, Corporate Communications and Public Affairs
Vancouver Port Authority
(604) 665-9069 (office)
(604) 665-9073 (fax)
(604) 218-1403 (cellular)
anne.mcmullin@portvancouver.com

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