Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports in Canada in 2024
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View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2024: -53.6%
Since the removal of apparel import tariffs on less developed nations in 2003, the Women's, Girls' and Infants' Apparel Manufacturing industry in Canada has been challenged by imports. The industry is now characterized by offshoring, import competition and a subsequent shift toward the production of high-end, value-added designer and handcrafted fashions. Since manufacturing remains a relatively labour-intensive industry, more operators have offshored manufacturing operations to take advantage of lower wage costs. However, industry revenue has decreased at a CAGR of 8.6% over the past five years and is expected to total $467.4 million in 2023, when revenue will fall by... Learn More
Decline in Imports for 2024: -27.2%
Canadian chocolate producers transform raw materials, such as cacao beans, sugar and milk, into various products, including chocolate bars, stuffed chocolates and premium chocolate boxes. Demand has fluctuated due to strong disposable income, increased health consciousness and volatile input prices. Chocolate producers have benefited from greater demand for premium chocolates and steady export growth. Rising discretionary spending has bolstered chocolate producers considerably. Rising chocolate prices have weighed on demand in recent years, as major players bolster profit via more expensive chocolates. Industry revenue is expected to decrease at a CAGR of 1.2% to $2.6 billion through the end of 2023,... Learn More
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
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
Decline in Imports for 2024: -19.6%
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
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
Decline in Imports for 2024: -14.7%
Organic chemical manufacturers in Canada are primarily engaged in the production of organic chemicals, including methanol and fatty acids. Many industrial and consumer products, including dyes, detergents and paints, use organic chemicals as inputs. Performance is closely tied to consumer spending and the performance of the manufacturing sector. Manufacturers have benefited from steady economic growth over many recent years, which has stimulated demand from a variety of downstream manufacturing industries. Despite that, revenue has been highly volatile in response to significant fluctuations in the prices of upstream raw materials, including crude oil and natural gas. Revenue has fallen at a... Learn More
Decline in Imports for 2024: -13.8%
Canadian valve manufacturers have had mixed performance over the past five years. Since valves are essential components in a vast range of manufacturing and industrial processes, industry growth tends to fluctuate in line with both domestic and global economic conditions. Reduced industrial production after the collapse in crude oil during the early stages of the pandemic weakened demand for specialized valves from the heavy manufacturing and energy sectors, both of which are key markets for valves. Similarly, rising interest rates and elevated inflation have negatively impacted demand from the residential sector, as the cost of purchasing or building a home... Learn More
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
Decline in Imports for 2024: -12.3%
Canadian candy producers manufacture nonchocolate candy, like marshmallows, toffee, caramel, granola bars and chewing gum. These producers sell products to retailers and wholesalers for redistribution to consumers. That's why Canadian candy producer performance relies on domestic demand and global demand, since exports will generate more than half of candy production revenue in 2023. Although some candy products, like breakfast bars, have swelled in popularity, boosting health consciousness has soured demand for candy products. Plus, imports have satisfied a strengthening share of the domestic market compared with historical performance. As a result of these trends, revenue will only inch up 0.7%... Learn More
Based on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Biggest Industries by Employment in Canada in 2024
VIEW ARTICLEBased on the expert analysis and our database of 480+ CA industries, IBISWorld presents a list of the Biggest Industries By Revenue in Canada in 2024
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