Biggest Importing Industries in Canada in 2023

1. SUV & Light Truck Manufacturing in Canada

Imports for 2023: $35.4B

Over the five years to 2022, revenue for the SUV and Light Truck Manufacturing industry in Canada is projected to decrease due to disruptions caused by the COVID-19 (coronavirus) pandemic and volatile economic conditions. With the export market accounting for over 80.0% of industry revenue in 2022, of which more than 95.0% is destined for the United States, industry operators are heavily reliant on US economic conditions. Despite a robust economic recovery in 2021, industry production is not expected to fully recovery to the levels exhibited earlier in the period. As a result, the industry is expected to decline at... Learn More

2. Oil Drilling & Gas Extraction in Canada

Imports for 2023: $24.4B

The Oil Drilling and Gas Extraction industry in Canada is highly dependent on global market prices of crude oil and natural gas. The industry exhibited strong growth in the years leading up to the reporting period, with rising prices leading to significant growth in investment. In turn, industry production of natural gas and oil has risen consistently over the past decade. Further, the prices of both commodities are expected to grow over the five years to 2022, resulting in growth in industry revenue and capital investment. Industry revenue is expected to grow an annualized 4.9% to $133.1 billion over the... Learn More

3. Petroleum Refining in Canada

Imports for 2023: $16.3B

Revenue for the Canadian Petroleum Refining industry has been volatile over the five years to 2021. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. Revenue surged in the years leading up to the reporting period in the wake of rising oil prices, although following their peak, industry revenue began to fall slowly before the world price of oil plummeted in 2016, resulting in significant declines in industry revenue. A subsequent price recovery in 2017 helped the industry rebound by double-digits during the following two-year period. Overall, industry revenue... Learn More

4. Brand-Name Pharmaceutical Manufacturing in Canada

Imports for 2023: $15.9B

Brand-name pharmaceutical manufacturers in Canada have endured strong competitive pressures from generic drugs by innovating its product line and attracting higher demand from Canadians. In response to many brand-name drugs losing their patent protection, many companies have streamlined their operations. By forming networks with public or private companies and academic institutions, brand-name pharmaceutical manufacturers have been able to share research and development costs. This trend has been vital regarding investing in biopharmaceutical development, as exemplified by the rising investment in research and development in pharmaceutical companies. This has proved fruitful amid the COVID-19 pandemic, as companies have partnered together to... Learn More

5. Plastic & Resin Manufacturing in Canada

Imports for 2023: $12.7B

Plastic and resin manufacturers have undergone fluctuations in revenue because of various shifts in the economy. The pandemic placed downward pressure on revenue as many downstream markets that manufacturers cater to were either temporarily shut down or operating at a limited capacity. As the pandemic subsided, crude oil and natural gas prices skyrocketed, causing suppliers to raise prices on raw materials. Manufacturers were forced to charge higher prices and even sacrifice profit to maintain steady sales. Overall, revenue is expected to increase at a CAGR of 1.8% to $13.9 billion through the end of 2023. This includes a 3.4% decline... Learn More

6. Aircraft, Engine & Parts Manufacturing in Canada

Imports for 2023: $12.4B

Revenue for the Canadian Aircraft, Engine and Parts Manufacturing industry has been declining over the past five years as a result of volatile economic conditions. In particular, the Canadian industry is a leader in manufacturing business aircraft, commercial planes with less than 150 seats, civil helicopters, regional and small engines and various aerospace components. The COVID-19 (coronavirus) pandemic weighed heavily on the industry given its effect on air travel, and thus, downstream demand. Industry revenue has been falling at a CAGR of 5.2% over the past five years, reaching $19.5 billion in 2023. This includes a projected rise of 3.7%... Learn More

7. Auto Parts Manufacturing in Canada

Imports for 2023: $12.3B

The Auto Parts Manufacturing industry in Canada is expected to contract amid revenue volatility and lower new vehicle sales over the five years to 2022. The industry relies heavily on demand from downstream automakers in the United States and Canada, which can lead to changes in demand for auto parts. The greater demand there is for automobiles, the more automakers will need to order from upstream suppliers such as auto parts manufacturers. Low consumer confidence and sluggish growth in per capita disposable income have discouraged consumers from purchasing new vehicles, sending negative effects upstream to auto parts manufacturers. As a... Learn More

8. Computer Peripheral Manufacturing in Canada

Imports for 2023: $10.4B

The Computer Peripheral Manufacturing industry in Canada has declined over the five years to 2022, as strong import competition has brought low-cost goods into the domestic market at a high rate. Industry products are still desirable in the corporate space, although individual consumers are increasingly purchasing mobile devices. These products rarely require peripheral add-ons, which has also stifled industry expansion. IBISWorld estimates industry revenue to decrease an annualized 2.5% to $429.2 million over the five years to 2022.

Several major operators have departed from the industry over the past five years, in part because of the low-cost imports flooding the market... Learn More

9. Car & Automobile Manufacturing in Canada

Imports for 2023: $10.1B

Over the five years to 2022, the Car and Automobile Manufacturing industry in Canada has struggled to recover as many automakers have moved operations abroad. Dissuaded by high labour costs in Canada, many automakers have shifted investments toward Mexico and the United States. As a result, output has fallen from Canada's biggest car producers while remaining operations have increasingly focused on vehicle production that falls outside of the industry such as sport utility vehicles (SUVs). Also, exports, which are estimated to account for more than 88.2% of industry revenue in 2022, have decreased in recent years due to less production... Learn More

10. Iron & Steel Manufacturing in Canada

Imports for 2023: $10.0B

Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by changing prices for steel. Volatility in steel prices has increased since the COVID-19 pandemic. A limited global supply of steel has caused a sharp uptick in the price of steel alongside growing demand. Revenue is expected to grow at a CAGR of 3.0% to $18.9 billion through the end of 2023, despite a decline of 6.9% in 2023 alone.

Revenue for manufacturers follows a variety of factors, including... Learn More