Biggest Importing Industries in Canada in 2024

1. SUV & Light Truck Manufacturing in Canada

Imports for 2024: $34.3B

Revenue for SUV and light truck manufacturers in Canada is projected to decrease throughout 2023, due to disruptions caused by the COVID-19 pandemic and volatile economic conditions. With the export market accounting for over 50.0% of industry revenue in 2023, of which more than 95.0% is destined for the United States, industry operators are heavily reliant on US economic conditions. Despite a robust economic recovery after the peak of the pandemic, industry production has not fully recovered to the levels exhibited earlier in the period. As a result, the industry has declined at a CAGR of 7.4% over the past... Learn More

2. Aircraft, Engine & Parts Manufacturing in Canada

Imports for 2024: $25.8B

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

3. Oil Drilling & Gas Extraction in Canada

Imports for 2024: $23.9B

Oil Drilling and Gas Extraction in Canada have grown tremendously, resulting from rising prices and additional investment in production. Oil and gas companies suffered significantly in 2020 amid the pandemic as prices drastically fell amid lockdowns. As the economy reopened, the need for oil and gas became apparent and prices skyrocketed, bolstering revenue. Overall, revenue is expected to grow at a CAGR of 7.4% to $173.5 billion over the five years to 2023, despite a decline of 22.2% in 2023 alone. Profit has also fluctuated. Many companies endured below zero profits before it rose after the pandemic.

Despite operating volatility, Canada... Learn More

4. Petroleum Refining in Canada

Imports for 2024: $23.3B

Revenue for the Canadian Petroleum Refining industry has been volatile. Crude oil is the primary input into industry products, and therefore, its price is the primary driver of industry revenue. A subsequent price recovery in 2017 after plummet the previous year helped the industry rebound by double-digits during the following two-year period. However, the COVID-19 pandemic and the resulting collapse in oil prices in 2020 drove refinancing revenue down during the year. Following the pandemic peak, high demand, coupled with ongoing supply chain disruptions, led crude oil prices to spike sharply, translating into a industry revenue boom in 2021 and... Learn More

5. Car & Automobile Manufacturing in Canada

Imports for 2024: $17.8B

The Car and Automobile Manufacturing industry in Canada has shrunk 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). Exports have likewise decreased due to lower production capacity and temporary plant closures following the global semiconductor chip shortage. As a result, industry revenue is expected to fall at a CAGR 15.6% to... Learn More

6. Auto Parts Manufacturing in Canada

Imports for 2024: $17.4B

Canadian auto parts manufacturers will contract amid revenue volatility and lower new vehicle sales over the five years to 2023. These manufacturers rely heavily on demand from downstream automakers in the United States and Canada, which can lead to changes in demand for auto parts. The greater demand there is for automobiles, the more automakers will need to order from upstream suppliers like auto parts manufacturers. Dropping consumer confidence and sluggish expansion in per capita disposable income have discouraged consumers from purchasing new vehicles, sending negative impacts upstream to auto parts manufacturers. That's why Canadian auto parts manufacturers' revenue will... Learn More

7. Iron & Steel Manufacturing in Canada

Imports for 2024: $15.8B

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

8. Brand-Name Pharmaceutical Manufacturing in Canada

Imports for 2024: $13.8B

Brand-name pharmaceutical manufacturers in Canada have endured strong competitive pressures from generic drugs by innovating its product line and attracting higher demand from Canadians. In response to many brand-name drugs losing their patent protection, many companies have streamlined their operations. By forming networks with public or private companies and academic institutions, brand-name pharmaceutical manufacturers have been able to share research and development costs. This trend has been vital regarding investing in biopharmaceutical development, as exemplified by the rising investment in research and development in pharmaceutical companies. This has proved fruitful amid the COVID-19 pandemic, as companies have partnered together to... Learn More

9. Copper, Zinc & Lead Refining in Canada

Imports for 2024: $13.0B

Copper, zinc and lead refineries in Canada smelt ores extracted by upstream miners and refine nonferrous metals, which downstream metal manufacturers process further. Canadian metal producers have benefited from growing economic uncertainty and rising metal prices as consumers seek safer investments, such as gold and silver. Similarly, growing manufacturing and construction activity following the initial stages of the pandemic caused the price of other metals, including copper and nickel, to skyrocket, enabling refineries to pass down cost increases to buyers. However, refineries have been negatively impacted by normalizing economic conditions and falling metal prices, which place downward pressure on revenue.... Learn More

10. Organic Chemical Manufacturing in Canada

Imports for 2024: $11.9B

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