Industries with the Biggest Decline in Exports in Canada in 2024

1. Coal Mining in Canada

Decline in Exports for 2024: -12.2%

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. Steel Rolling & Drawing in Canada

Decline in Exports for 2024: -11.4%

Steel rollers and drawers have faced declines over the current period. Plummeting growth from automobile manufacturers and climbing import penetration have hindered performance. Falling steel prices over the current period have also led to price-based losses and profit loss as clients pressured steel rollers and drawers to pass on cost decreases. Exports to the US were a boon to steel rollers and drawers amid declines in the domestic market. Overall, industry-wide revenue has been falling at a CAGR of 3.1% over the past five years and is expected to total $1.9 billion in 2023, when revenue will dip by an... Learn More

3. Telecommunications Networking Equipment Manufacturing in Canada

Decline in Exports for 2024: -11.4%

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

4. Canned Fruit & Vegetable Processing in Canada

Decline in Exports for 2024: -8.5%

Canned fruit and vegetable processors in Canada manufacture vegetable-based sauces, soups, canned produce, juices and dehydrated fruits and vegetables. Expanding health concerns regarding some of canned fruit and vegetable processors' products and boosting income levels have prompted consumers to turn to fresher or premium alternative goods. Despite manufacturers' efforts to introduce healthier brand extensions and safer packaging, demand for canned fruit and vegetable products has waned, pressuring canned fruit and vegetable processors' revenue. During the current period, boosted production from some processors has helped to mitigate overall losses. IBISWorld expects revenue for canned fruit and vegetable processing in Canada to... Learn More

5. Construction Machinery Manufacturing in Canada

Decline in Exports for 2024: -8.3%

Construction machinery manufacturers have faced declines over the current period as various downstream markets have been volatile. Manufacturers have enjoyed favorable trade conditions as the US dollar strengthening relative to the Canadian dollar pushed up exports and weakened import penetration. Overall, industry-wide revenue has been falling at a CAGR of 1.4% over the past five years and is expected to total $2.8 billion in 2023, when revenue will dip by an estimated 6.3% and profit will climb to 5.4%.

The outbreak of COVID-19 hammered various downstream construction markets. While lower interest rates spurred investment in the residential construction market, falling... Learn More

6. Iron & Steel Manufacturing in Canada

Decline in Exports for 2024: -8.2%

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

7. Inorganic Chemical Manufacturing in Canada

Decline in Exports for 2024: -5.2%

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. Paper Mills in Canada

Decline in Exports for 2024: -4.7%

Paper mills have continued to experience declines over the five years to 2023. One of the biggest drivers of these declines has been the contraction of downstream publishing industries across North America. Major declines in the print newspaper industry have considerably impacted industry revenue. All domestic publishing industries have experienced decreased revenue from downstream paper-based communications companies. The COVID-19 pandemic significantly affected downstream markets as shifts to remote work further contributed to these trends. Revenue is expected to decline at a CAGR of 6.4% to $6.6 billion over the five years to 2023, including a decline of 2.3% in 2023,... Learn More

9. Pump & Compressor Manufacturing in Canada

Decline in Exports for 2024: -4.6%

Products produced and sold by pump and compressor manufacturers are used in a wide range of downstream industries, but water management facilities, oil and gas operations and construction markets are the most crucial. Operations are also highly influenced by international trade, as imports represent a dire threat to domestic producers, while exports are a potential life line for many. Volatile conditions during the period resulted in declining revenue and weakening performance, though some managed to weather the storm. Over the past five years, revenue has been declining at a CAGR of 3.9% to $2.4 billion in 2023 when revenue is... Learn More

10. Billboard & Sign Manufacturing in Canada

Decline in Exports for 2024: -4.4%

The Billboard and Sign Manufacturing industry in Canada has faltered, even as the domestic economic climate proved resilient. Billboards have maintained their appeal as one of the few remaining ways to reach a broad consumer base in an increasingly fragmented media landscape. Consequently, advertisers have continued spending on billboard space. However, billboards and signs have been hurt by a fundamental shift in advertising spending, as downstream customers have shifted toward online advertising because of its improved ability to targeting specific audiences. The COVID-19 pandemic presented a further challenge, as economic output contracted and industry revenue feel 18.8% in 2020 alone.... Learn More