New York : Volatility in the United States helped deliver a strong year for Hamilton’s port so far, with more steel imports and grain exports than the same timeframe in 2017.
Overseas cargo shipments are up 81 per cent through September compared to last year, said the port authority, and total cargo is up 18 per cent.
President and CEO Ian Hamilton says there’s been an uptick in steel imports with the revival of Stelco, high demand and foreign countries turning to Canada to avoid U.S. tariffs.
But agricultural shipments “are off the charts,” he said, with grain shipments from Hamilton up 109 per cent.
Hamilton said infrastructure investments meant the port could take advantage of a “perfect storm” this year.
A combination of NAFTA uncertainty, Canada’s recent trade deal with the European Union, and a drought in Europe, has driven the demand for agricultural shipments, he said. Canadian grain traders have been looking more to European markets than the United States, meaning more grain shipped overseas.