Industries with the Biggest Decline in Exports in Canada in 2023

1. Coal Mining in Canada

Decline in Exports for 2023: -28.8%

Operators in the Coal Mining industry in Canada have experienced considerable fluctuations in prices of industry goods. Canadian coal mining revenue has been increasing at an annualized 11.3% over the past five years, including an estimated 32.3% decrease in 2023, and is expected to total $19.0 billion. In 2023, profit is set to increase to 32.1%. The industry has two primary products, metallurgical coal used for steel production and thermal coal used in energy generation. At the start of the current period, global oversupply and falling demand resulted in low prices and revenue. Subsequent price growth between 2016 and 2018... Learn More

2. Mattress Manufacturing in Canada

Decline in Exports for 2023: -26.6%

The Mattress Manufacturing industry in Canada has experienced a range of difficulties in recent years, including considerable volatility. Rising global competition from foreign multinational manufacturers has hurt domestic manufactures, driving the long-term, structural decline of mattress manufacturing in Canada. However, the COVID-19 pandemic produced tremendous volatility, as disrupted supply chains limited imports while efforts by the government to ameliorate the economic effects of the pandemic generated an upswell in demand from consumers. In 2021, domestic revenue rose for the first time in nearly a decade. Still, countervailing trends have hindered industry performance, with revenue forecast to contract at a CAGR... Learn More

3. Oil Drilling & Gas Extraction in Canada

Decline in Exports for 2023: -19.5%

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.

Despite operating volatility, Canada... Learn More

4. Concrete Pipe & Block Manufacturing in Canada

Decline in Exports for 2023: -17.8%

The Concrete Pipe and Block Manufacturing industry in Canada is forecasted to experience growth over the five years to 2023. However, it's anticipated that demand for concrete pipes and blocks will decline in 2022 and 2023 due to higher interest rates, forcing a sharp decrease in residential construction. However, the downturn in demand from residential construction ventures is projected to be compensated by an uptick in government spending on concrete-intensive projects like bridge construction and highway improvement. Despite experiencing a 4.3% dip in 2023, industry revenue is projected to increase at a CAGR of 1.8% to $1.7 billion in the... Learn More

5. Pesticide Manufacturing in Canada

Decline in Exports for 2023: -16.4%

Pesticide manufacturers in Canada produce a range of goods, including herbicides, fungicides, insecticides and other agricultural chemicals. Overall, the industry grew throughout 2023. Consistent demand from downstream farm markets and a rise in crop prices have resulted in growing demand for the industry's products throughout 2023. In addition, demand for many industry products tends to be fairly inelastic, and due to rising prices of agricultural commodities such as wheat, an increasing number of farms have been using pesticides and fungicides in recent years. Overall, industry-wide revenue has been growing at a CAGR of 1.8% over the past five years and... Learn More

6. Petroleum Refining in Canada

Decline in Exports for 2023: -14.3%

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. A subsequent price recovery in 2017 after plummet the previous year helped the industry rebound by double-digits during the following two-year period. However, the COVID-19 pandemic and the resulting collapse in oil prices in 2020 drove refinancing revenue down during the year. Following the pandemic peak, high demand, coupled with ongoing supply chain disruptions, led crude oil prices to spike sharply, translating into a industry revenue boom in 2021 and... Learn More

7. Inorganic Chemical Manufacturing in Canada

Decline in Exports for 2023: -10.7%

Inorganic chemical manufacturers produce chemicals crucial to many manufacturing and construction industries. Demand for these products is linked to the overall performance of these sectors, which have fluctuated alongside pandemic disruptions and recent dips in consumer confidence. While the diversity of downstream markets has shielded inorganic chemical producers from more severe declines, COVID-19 curbed demand from most industries, shrinking sales of key products like alkalis and catalysts. Over the past five years, revenue has dipped at a CAGR of 3.0% to reach an estimated $4.8 billion in 2023, when revenue is projected to shrink by an additional 1.7%, and profit... Learn More

8. Mining, Oil & Gas Machinery Manufacturing in Canada

Decline in Exports for 2023: -10.2%

Canada is one of the world's largest producers of crude oil and natural gas, as well as a range of other metal and mineral commodities. This has traditionally benefited the Mining, Oil and Gas Machinery Manufacturing industry, which produces goods used by extraction industries. Revenue is closely tied to commodity prices, as these can dictate levels of investment and activity by extraction companies. Commodity prices have been hugely volatile over the five years to 2023, with the prices of many goods tanking, causing exploration activity and demand for industry products to fall in certain years. Overall, IBISWorld estimates that industry... Learn More

9. Telecommunications Networking Equipment Manufacturing in Canada

Decline in Exports for 2023: -8.0%

The Telecommunications Networking Equipment Manufacturing industry in Canada is a mere fragment of what it was, though the industry has recently expanded. The industry's historical decay is primarily the result of competition from foreign companies that have more efficient cost structures and lower manufacturing costs alongside technological displacement of many fixed telecom products. Starting from a low point in 2013, the industry has recovered to an extent, though only slightly amid more difficult economic operating conditions like COVID-19. This recovery was founded on improving supply chains and a dependence on contract manufacturing services to spread risk while cutting costs more... Learn More

10. Iron & Steel Manufacturing in Canada

Decline in Exports for 2023: -6.6%

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