Industries with the Biggest Decline in Exports in Canada in 2024

1. Corn Farming in Canada

Decline in Exports for 2024: -44.0%

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

2. Motorcycle, Bike & Parts Manufacturing in Canada

Decline in Exports for 2024: -31.5%

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

3. Chemical Product Manufacturing in Canada

Decline in Exports for 2024: -16.1%

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

4. Telecommunications Networking Equipment Manufacturing in Canada

Decline in Exports for 2024: -15.8%

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

5. Inorganic Chemical Manufacturing in Canada

Decline in Exports 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

6. 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

7. 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

8. 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

9. 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

10. 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