Industries with the Biggest Decline in Imports in Canada in 2023

1. Car & Automobile Manufacturing in Canada

Decline in Imports for 2023: -35.4%

Over the five years to 2022, the Car and Automobile Manufacturing industry in Canada has struggled to recover 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). Also, exports, which are estimated to account for more than 88.2% of industry revenue in 2022, have decreased in recent years due to less production... Learn More

2. Chocolate Production in Canada

Decline in Imports for 2023: -14.0%

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

3. Women's, Girls' & Infants' Apparel Manufacturing in Canada

Decline in Imports for 2023: -13.7%

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 an annualized 0.5% to $495.1 million over the five years to 2021. Due to the expected economic recovery following the peak of the COVID-19... Learn More

4. Wood Pulp Mills in Canada

Decline in Imports for 2023: -11.8%

The Wood Pulp Mills industry in Canada provides pulp to various downstream paper manufacturers including paper mills, sanitary paper product manufacturers and cardboard packaging mills. This industry is highly globalized and the majority of industry revenue is derived from exports. Over the five years to 2022, industry operators have experienced growth in revenue driven by rising prices for industry goods worldwide in response to supply constraints. This is despite falling domestic production of pulp and the continued decline of the domestic Paper Mills industry (IBISWorld report 32212CA). Over the five years to 2022, industry revenue is expected to grow an... Learn More

5. Jewellery Manufacturing in Canada

Decline in Imports for 2023: -11.6%

The Jewellery Manufacturing industry in Canada manufactures 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. Over the five years to 2022, 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 increased an annualized 21.0%... Learn More

6. Oil Drilling & Gas Extraction in Canada

Decline in Imports for 2023: -10.8%

The Oil Drilling and Gas Extraction industry in Canada is highly dependent on global market prices of crude oil and natural gas. The industry exhibited strong growth in the years leading up to the reporting period, with rising prices leading to significant growth in investment. In turn, industry production of natural gas and oil has risen consistently over the past decade. Further, the prices of both commodities are expected to grow over the five years to 2022, resulting in growth in industry revenue and capital investment. Industry revenue is expected to grow an annualized 4.9% to $133.1 billion over the... Learn More

7. Lubricant Oil Manufacturing in Canada

Decline in Imports for 2023: -9.8%

The Lubricant Oil Manufacturing industry in Canada produces industrial and automotive lubricants for manufacturers and consumers, including motor oil, transmission fluid, rust inhibitors and machine oils. Most industry goods are based on petroleum products and industry revenue tends to track the price of crude oil. Over the five years to 2022, the industry has experienced mixed results, which is in line with volatility in the price of crude oil. The COVID-19 (coronavirus) pandemic initially led to a steep decline in demand for oil as manufacturers reduced their production and drivers reduced travel. The strong recovery in economic activity in 2021... Learn More

8. Construction Machinery Manufacturing in Canada

Decline in Imports for 2023: -9.7%

Operators in the Canadian Construction Machinery Manufacturing industry produce a variety of equipment used for commercial, residential and public construction projects. The industry has exhibited significant revenue volatility over the five years to 2022, although ultimately, revenue has grown. The industry has benefited in particular from strong growth in US housing markets, as more than half of industry revenue is generated through exports, most of which are bound for the United States. The industry has also benefited from growth in the domestic housing market alongside growth in the value of nonresidential construction. Industry revenue is expected to grow at an... Learn More

9. Screw, Nut & Bolt Manufacturing in Canada

Decline in Imports for 2023: -9.3%

Over the past five years, Canada's Screw, Nut and Bolt Manufacturing industry has deflated amid a broader decline in downstream demand. Declining demand from transportation equipment and aircraft component manufacturing has pressured domestic fastener producers, while swelling import competition has reduced the pool of domestic customers. Countries with low operational costs have boosted price competition, forcing Canadian producers to differentiate through product quality. The pandemic exacerbated declines, causing revenue to contract at a CAGR of 1.6% over the past five years, with revenue falling to an estimated $926.1 million in 2023.

Canada's screw, nut and bolt producers won't find relief in... Learn More

10. Dairy Product Production in Canada

Decline in Imports for 2023: -9.0%

The Dairy Product Production industry in Canada processes raw milk and manufactures dairy products including milk, cream, cheese, butter, yogourt and milk powder, primarily for domestic consumption. The industry experiences a moderate level of volatility as milk production at upstream dairy farms is strictly regulated in terms of production and price. As a result, industry inputs are stable and many consumers consider industry products to be grocery essentials, resulting in steady demand with little regard to prevailing economic conditions. While the industry is insulated against severe price shocks or supply imbalances, the industry has also prevented it from realizing significant... Learn More