Canadian Rail Cargo Volumes in February at Lowest Level Since 2019

On Thursday, Statistics Canada (StatCan) reported that the volume of cargo carried by Canadian railroads reached 26.7 million tons in February, down 12.9% year-over-year—the steepest annual decline in three years.

However, rail freight transport typically slows during the winter months as colder temperatures restrict train lengths, StatCan noted. In addition, this February had 28 days, compared with 29 days in 2024. US tariffs have also introduced uncertainty into some markets.

The volume in February was at its lowest level since 2019 and below the five-year average of 28.2 million tons for the month. Sharp declines were reported in the loadings of many commodities, including iron ores, wheat, and potash.

Intermodal shipments—mainly containers—originating in Canada were down 10.5% year-over-year to 2.6 million tons.

Freight traffic from US rail connections fell 27.2%, or 1.0 million tons, to reach 2.7 million tons in February—the lowest level for the month of February in eight years.