CP 2020 ANNUAL REPORT 48 revenue ton-mile decreased due to moving proportionately higher volumes of long haul soybeans and corn to U.S. Pacific Northwest, which also caused RTMs to increase more than carloads, and lower fuel surcharge revenue as a result of lower fuel prices. Grain revenue was $1,684 million in 2019, an increase of $118 million, or 8%, from $1,566 million in 2018. This increase was primarily due to increased freight revenue per revenue ton-mile, higher volumes of regulated Canadian grain, and the favourable impact of the change in FX. This increase was partially offset by lower volumes of U.S. grain, primarily corn, to the U.S. Pacific Northwest. Freight revenue per revenue ton-mile increased due to higher freight rates, primarily for regulated Canadian grain. Coal revenue was $566 million in 2020, a decrease of $116 million, or 17%, from $682 million in 2019. This decrease was primarily due to lower volumes of Canadian coal primarily to Vancouver, driven by supply chain challenges at both the mines and the ports, lower volumes of U.S. coal to Wisconsin, and decreased freight revenue per revenue ton-mile. Freight revenue per revenue ton-mile decreased due to the unfavourable impact of lower fuel surcharge revenue as a result of lower fuel prices. FX adjusted % change does not have any standardized meaning prescribed by GAAP and, therefore, is unlikely to be comparable to similar measures presented by other companies. FX adjusted % change is defined and reconciled in Non-GAAP Measures of this Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. (1)  Coal revenue was $682 million in 2019, an increase of $9 million, or 1%, from $673 million in 2018. This increase was primarily due to higher freight revenue per revenue ton-mile. This increase was partially offset by lower volumes of Canadian coal, driven by supply chain challenges at both the mines and the ports. Freight revenue per revenue ton-mile increased due to higher freight rates. RTMs decreased while carloads remained flat due to moving proportionately higher volumes of short haul U.S. coal. FX adjusted % change does not have any standardized meaning prescribed by GAAP and, therefore, is unlikely to be comparable to similar measures presented by other companies. FX adjusted % change is defined and reconciled in Non-GAAP Measures of this Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. (1)  Potash revenue was $493 million in 2020, an increase of $31 million, or 7%, from $462 million in 2019. This increase was primarily due to higher volumes of export potash following resolved international contract negotiations, higher freight rates, and the favourable impact of the change in FX. This increase was partially offset by decreased freight revenue per revenue ton-mile due to lower fuel surcharge revenue as a result of lower fuel prices. Coal Potash 2020 vs. 2019 2019 vs. 2018 For the year ended December 31 2020 2019 2018 Total Change % Change FX Adjusted % Change Total Change % Change FX Adjusted % Change Freight revenues (in millions) $ 566 $ 682  $ 673  $ (116) (17) (17) $ 9  1  1  Carloads (in thousands) 260.4 304.3  304.3  (43.9) (14) N/A —  —  N/A Revenue ton-miles (in millions) 18,510 21,820  22,443  (3,310) (15) N/A (623) (3) N/A Freight revenue per carload (in dollars) $ 2,174 $ 2,241  $ 2,211  $ (67) (3) (3) $ 30  1  1  Freight revenue per revenue ton-mile (in cents) 3.06 3.13  3.00  (0.07) (2) (2) 0.13  4  4  (1) (1) 2020 vs. 2019 2019 vs. 2018 For the year ended December 31 2020 2019 2018 Total Change % Change FX Adjusted % Change Total Change % Change FX Adjusted % Change Freight revenues (in millions) $ 493 $ 462  $ 486  $ 31  7  6  $ (24) (5) (6) Carloads (in thousands) 162.9 149.3  158.4  13.6  9  N/A (9.1) (6) N/A Revenue ton-miles (in millions) 18,784 17,297  18,371  1,487  9  N/A (1,074) (6) N/A Freight revenue per carload (in dollars) $ 3,026 $ 3,094  $ 3,071  $ (68) (2) (3) $ 23  1  —  Freight revenue per revenue ton-mile (in cents) 2.62 2.67  2.65  (0.05) (2) (2) 0.02  1  —  (1) (1)