Fastest Growing Industries by Imports in Canada in 2023

1. Truck & Bus Manufacturing in Canada

Growth in Imports for 2023: 76.0%

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

2. Paper Mills in Canada

Growth in Imports for 2023: 35.8%

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

3. Aircraft, Engine & Parts Manufacturing in Canada

Growth in Imports for 2023: 33.0%

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

4. Billboard & Sign Manufacturing in Canada

Growth in Imports for 2023: 31.6%

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

5. Toy, Doll & Game Manufacturing in Canada

Growth in Imports for 2023: 24.5%

Toy, doll and game manufacturers have struggled over the current period. With manufacturers producing overlapping goods, price competition is high, forcing domestic manufacturers to reduce prices to compete with inexpensive imports from low-cost countries. This trend has led many large manufacturers to offshore their operations to take advantage of lower wage costs. The outbreak of COVID-19 had mixed effects on manufacturers as temporary closures of retailers led to a dip in growth for much of 2020, but a rise in leisure time and families spending more time at home offset some losses. Lower input costs in 2020 led to a... Learn More

6. Tractors & Agricultural Machinery Manufacturing in Canada

Growth in Imports for 2023: 23.5%

Agricultural machinery manufacturers in Canada have had tepid growth despite fluctuating demand over the five years to 2023. These companies manufacture a variety of products, including tractors and harvesters, that are essential to modern-day farming. While these products are ubiquitous on farms, revenue remains exposed to the volatility of farm income, which affects farm demand for new equipment. Agricultural machinery manufacturers have endured uneven demand from farms in Canada and the United States as agricultural commodity prices had increased volatility in recent years, especially amid the COVID-19 pandemic, though subsidies muted this trend. Revenue is anticipated to climb at a... Learn More

7. Automobile Engine & Parts Manufacturing in Canada

Growth in Imports for 2023: 20.5%

Automobile engine and parts manufacturers have had a difficult time in recent years. The COVID-19 pandemic severely eroded revenue in 2020 as high economic uncertainty caused decreased manufacturing activity, reducing downstream demand from automakers. Most major auto engine and parts manufacturers are subsidiaries of automakers, and most parts that those companies use in finished cars come from in-house manufacturers.

After a temporary reprieve in 2021, revenue fell again in 2022. Supply chain issues limited microchips and other non-industry products for finished vehicles, which reduced downstream demand from for engines and parts. This was a missed opportunity, as demand for cars amid... Learn More

8. Motorcycle, Bike & Parts Manufacturing in Canada

Growth in Imports for 2023: 20.3%

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

9. Coffee & Tea Production in Canada

Growth in Imports for 2023: 18.9%

Canadian coffee and tea producers in Canada primarily roast and package imported coffee beans, in addition to blending and packaging tea. Over the five years to 2023, these producers have grown in terms of revenue, despite fluctuations in the world price of coffee and supply chain disruptions amid COVID-19. Nonetheless, industry revenue experienced a 4.6% swell in 2020 alone, in line with the 6.5% boost in per capita disposable income during the year. Moreover, the industry has benefited from more consumers purchasing specialized blends, compared with low-cost tea and coffee products usually sold in bulk. Overall, industry revenue will dip... Learn More

10. Semiconductor & Other Electronic Component Manufacturing in Canada

Growth in Imports for 2023: 18.2%

Canadian semiconductor and other electronic component manufacturers produce various input devices for circuits and memory chips. In recent years, manufacturers experienced mild volatility amid continued offshoring and greater competition from US and East Asian manufacturers. Any expansion has been driven by robust demand for domestically and abroad semiconductor products, and a global shortage for electronic components. COVID-19 has diminished manufacturers' performance by disrupting production plans and creating supply chain challenges. Industry-wide revenue is expected to rise at a CAGR of 0.3% to $5.4 billion over the five years to 2023, when revenue is forecast to jump 6.4% as high prices... Learn More