Industries with the Biggest Decline in Imports in Canada in 2023

1. Mineral & Phosphate Mining in Canada

Decline in Imports for 2023: -46.2%

Canadian mineral and phosphate mining companies produce a wide variety of nonmetallic mineral products, but are largely dominated by the production of potash. Canada is the world's largest producer and exporter of potash, which is a primary input for fertilizer manufacturers worldwide. Just prior to the current period, in 2016, the price of potash plummeted because of price competition resulting from the breakup of the Belarusian Potash Company, a major exporting business that contributed to the control of global potash markets. Prices for many materials have recovered since then, with mineral and phosphate mining revenue forecast to expand 7.9% in... Learn More

2. Car & Automobile Manufacturing in Canada

Decline in Imports for 2023: -35.4%

The Car and Automobile Manufacturing industry in Canada has shrunk 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). Exports have likewise decreased due to lower production capacity and temporary plant closures following the global semiconductor chip shortage. As a result, industry revenue is expected to fall at a CAGR 15.6% to... Learn More

3. Inorganic Chemical Manufacturing in Canada

Decline in Imports for 2023: -30.3%

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

4. Oil Drilling & Gas Extraction in Canada

Decline in Imports for 2023: -25.1%

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

5. Metal Pipe & Tube Manufacturing in Canada

Decline in Imports for 2023: -21.4%

The Canadian Metal Pipe and Tube Manufacturing industry has experienced fluctuations but, overall, has experienced moderately greater demand over the past five years. Factors such as volatile hydrocarbon prices and unstable demand from the energy sector has negatively impacted the industry performance. Unpredictable steel prices also disrupted operations as companies found it challenging to transfer costs to customers; consequently, the industry's profit margin varied during this period. However, since the onset of economic recovery post-COVID, profit has started to rise. Despite the challenges amplified by the pandemic, industry revenue has grown at a CAGR of 1.3%, reaching $6.3 billion by... Learn More

6. Jewellery Manufacturing in Canada

Decline in Imports for 2023: -19.5%

Canadian jewellery manufacturers produce a wide range of jewellery products of varying quality. The industry also includes the minting of coins, with coins produced as currency and gold and silver bullion coins produced by the Royal Canadian Mint, which forms an important part of this industry. Throughout 2023, while the industry has benefited from rising per capita disposable income and consumer spending, the industry has also experienced volatility in demand for gold and silver bullion products, which are used by consumers worldwide for investment purposes. Overall, industry revenue has been growing at a CAGR of 18.2% over the past five... Learn More

7. Pesticide Manufacturing in Canada

Decline in Imports for 2023: -19.0%

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

8. Hardware Manufacturing in Canada

Decline in Imports for 2023: -16.9%

The Hardware Manufacturing industry in Canada produces a variety of metal hardware products, including hinges, handles, keys and locks, primarily for the construction, furniture and automotive sectors. The industry has been defined by volatile trade and downstream markets over the past five years. Operators in the Household Furniture Manufacturing and Car and Automobile Manufacturing industries in Canada, as well as construction markets and consumers, purchase hardware products manufactured by this industry. A strong housing market, driven by low interest rates due to the COVID-19 pandemic, supported the industry in 2020 and 2021, but declines in residential construction late in the... Learn More

9. Pump & Compressor Manufacturing in Canada

Decline in Imports for 2023: -16.1%

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. Audio & Video Equipment Manufacturing in Canada

Decline in Imports for 2023: -16.1%

A key ability that successful companies in this industry possess is the ability to adapt their business strategy to changing consumer and other market preferences. As a result, most manufacturers spend a significant amount of money on research and development initiatives. Audio and video manufacturers have faced volatile demand trends during the period. 2020 provided manufacturers with strong demand since extremely low-interest rates and rapidly rising housing starts led to increased downstream demand from new homeowners looking to outfit their property. This carried over into 2021 as rates remained low and housing starts remained high. As the Bank of Canada... Learn More