Nearly $20 billion of international trade is stranded off the coast of British Columbia as a province-wide strike by port workers enters its fifth day.
A total of 289,700 containers holding an estimated $19 billion of goods are floating off B.C.’s coast based on an estimated value of $65,225 per container, according to customs data.
Talks aimed at resolving the labour dispute between the British Columbia Maritime Employers Association and the International Longshore & Warehouse Union remain paused with no new negotiations scheduled.
Canada’s federal government in Ottawa is urging the two sides to return to the bargaining table to hammer out a new collective agreement but has so far resisted intervening to end the strike.
The union representing the port workers is calling for an end to the contracting out of maintenance work at British Columbia’s ports, as well as a wage increases for its members.
Port workers walked off the job on July 1 and Canada’s western ports have not serviced any container vessels since June 30.
The current situation is creating a major backlog in trade with an estimated 30 ports on Canada’s West Coast currently at a standstill.
Included in the labor strife are the ports of Vancouver and Prince Rupert, which process nearly 20% of U.S. trade. Products ranging from auto parts to consumer goods pass through B.C. ports daily.
Vancouver is Canada’s largest port and the fourth largest in North America by tonnes of cargo handled. About $300 billion of goods passes through the port each year.
The current delays are expected to dramatically slowdown the processing of trade and result in late fees for shippers, which are typically passed onto consumers through higher prices.
