Industries with the Biggest Decline in Imports in Canada in 2024

1. Motorcycle, Bike & Parts Manufacturing in Canada

Decline in Imports for 2024: -26.3%

Revenue for the Motorcycle, Bike and Parts Manufacturing industry in Canada has expanded over the past five years. These manufacturers are primarily small independent custom fabricators relying on specific demand trends. Similarly, almost all bicycle and bicycle parts manufacturing activities are done in low volume, mainly using foreign components and typically only adding value through customization. The industry, primarily focused on custom and high-end products, is closely tied to consumer income and confidence. Moreover, with Bombardier's Can-Am Spyder Roadster being the only mass-produced motorcycle in Canada, industry revenue is reliant on this product's performance. As a result, industry revenue is... Learn More

2. Shoe & Footwear Manufacturing in Canada

Decline in Imports for 2024: -23.4%

Due to high levels of recent economic volatility, the Canadian shoe and footwear manufacturing industry has experienced significant fluctuations in performance over the past five years. Competition from imports and the effect of the pandemic have contributed to unstable industry revenue growth. The appreciation of the Canadian dollar relative to its trading partners during the period has encouraged demand for increasingly affordable imports while also increasing price competitiveness domestically. Consumer demand for footwear has been predominantly satisfied by competitively priced products manufactured in developing countries. However, over the past five years, revenue has been growing at a CAGR of 0.7%,... Learn More

3. Computer Peripheral Manufacturing in Canada

Decline in Imports for 2024: -21.7%

Canadian computer peripheral manufacturers have struggled over the past decade, as strong import competition has brought low-cost goods into the domestic market. Peripheral products are still desirable in the corporate space, although individual consumers increasingly purchase mobile and cloud-based devices. These products rarely require peripheral add-ons. Revenue has expanded at an expected CAGR of 7.4% to $670.4 million through 2023, despite a 0.3% drop in 2023. Manufacturers peaked during the pandemic, particularly as consumers spent more time at home and on computers; however, massive declines bracket this pandemic-era growth.

Several major manufacturers have departed from the domestic industry because of... Learn More

4. Chemical Product Manufacturing in Canada

Decline in Imports for 2024: -21.5%

The Chemical Product Manufacturing industry in Canada is performance is tied to downstream demand from key markets, particularly construction and manufacturing, although the price of oil can also affect input prices. Industry performance tends to closely mirror the overall economy as far as construction and manufacturing activity are concerned. In the last five years, uncertainty and volatility in the global economy caused by the pandemic has limited the full level of revenue growth. The industry is also being affected by some long-term trends. For example, photographic chemicals have long been a staple of industry production, although the rise of digital... Learn More

5. Coal Mining in Canada

Decline in Imports for 2024: -15.7%

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

6. Inorganic Chemical Manufacturing in Canada

Decline in Imports for 2024: -13.7%

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

7. Corn Farming in Canada

Decline in Imports for 2024: -13.6%

Corn Farming industry revenue has climbed amid strong price growth. Corn is used in a variety of products for fuel, consumption and production. Corn farmers in Canada contend with a high level of competition from potential substitutes and global corn farmers. The use of corn for fuel has remained popular because of volatility in fossil fuel prices. Corn has grown in popularity for human food production and in certain industrial markets, as genetically modified plants have made harvests more reliable. Strong growth in exports has been fuelled by growing demand from Ireland, Spain and the United Kingdom. Corn farming revenue... Learn More

8. Concrete Pipe & Block Manufacturing in Canada

Decline in Imports for 2024: -13.3%

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

9. Truck & Bus Manufacturing in Canada

Decline in Imports for 2024: -12.7%

Truck and bus manufacturers were severely affected by the COVID-19 pandemic. In 2018 and 2019, exports trended higher, as downstream freight operators increased their vehicle fleets, lifting demand at the manufacturing level. Plus, the depreciation of the Canadian dollar relative to other currencies has also catalyzed industry export activity, further supporting industry expansion. As exports account for a significant portion of industry revenue, the industry has benefited. However, as a result of the adverse effects from the pandemic, industry revenue fell at a CAGR of 10.9% over the past five years and is expected to total $2.8 billion in 2023,... Learn More

10. Aluminum Manufacturing in Canada

Decline in Imports for 2024: -11.3%

Canadian aluminum manufacturers produce various aluminum products, ranging from alumina to finished aluminum sheets and foil. Aluminum is lightweight, ductile, corrosion-resistant, highly conductive and recyclable, making it useful in various applications. For instance, aluminum sheet is a major input into automobiles and airplanes, while aluminum foil and rolled sheet are commonly used in containers and packaging material. The United States accounts for nearly all exports, making domestic manufacturers highly dependent on international trade. IBISWorld projects industry revenue to increase at a CAGR of 7.8% to $24.8 billion through the end of 2023, declining 3.3% in 2023 alone. This growth can... Learn More