Industries with the Biggest Decline in Imports in Canada in 2025

1. SUV & Light Truck Manufacturing in Canada

Decline in Imports for 2025: -30.4%

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. Paper Mills in Canada

Decline in Imports for 2025: -24.2%

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. Shoe & Footwear Manufacturing in Canada

Decline in Imports for 2025: -19.7%

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

4. Coal Mining in Canada

Decline in Imports for 2025: -14.4%

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

5. Soap & Cleaning Compound Manufacturing in Canada

Decline in Imports for 2025: -10.4%

Soap and cleaning compound manufacturing activity has risen in recent years as the pandemic drove demand for industry products. Industry companies have also benefited from growth in the Canadian population, which has increased purchases of household cleaning products. Rising production costs have contributed to manufacturers raising product prices in recent years, which has helped bolster industry profit. Industry revenue is projected to rise at a CAGR of 4.4% to $3.0 billion over the five years to 2023, including a forecast increase of 1.5% in 2023 alone.

Oil-based goods are primary inputs in soaps and detergents, while fluctuations in the world price... Learn More

6. Hand Tool & Cutlery Manufacturing in Canada

Decline in Imports for 2025: -10.4%

Hand tool manufacturers in Canada produces a wide variety of metal goods, including landscaping and construction tools, industrial components and consumer products. Although a diversified product selection usually shelters the industry from macroeconomic fluctuations, the industry is largely homogeneous and its low-cost nature renders manufacturers vulnerable to pressure from lower priced and more complex substitutes such as power tools. As a result, imported products manufactured in countries with lower labour costs have increasingly flooded the Canadian market, as it can be seen with rising imports from an appreciating loonie. Overall, industry revenue has decreased at a CAGR of 0.4% over... Learn More

7. Chocolate Production in Canada

Decline in Imports for 2025: -9.9%

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

8. Ferrous Metal Foundry Products in Canada

Decline in Imports for 2025: -7.0%

Canadian ferrous metal foundries sell iron and steel castings to manufacturing and construction industries. Buyers use ferrous metal foundry products in various industrial applications, including farm machinery, engines, turbines, power transmission equipment, automobiles and railways. Despite robust demand for ferrous metal foundry products, foreign competition from low-cost producers in China and India has increasingly challenged domestic companies. As a result of volatility in manufacturing and construction markets, revenue has faltered. Revenue contracted at an expected CAGR of 1.2% to $1.5 billion through the current period, including a 2.6% dip in 2023, when profit reached 3.9%. Declining steel and iron prices... Learn More

9. Iron & Steel Manufacturing in Canada

Decline in Imports for 2025: -6.7%

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

10. Major Household Appliance Manufacturing in Canada

Decline in Imports for 2025: -6.2%

Revenue for major household appliance manufacturers in Canada has been growing at a CAGR of 14.4% over the past five years and is expected to total $1.1 billion in 2023. In the same year, revenue is expected to fall 0.1%. The rise in 2023 can be mainly attributed to the boom in the housing market when people began to utilize low-interest rates during the pandemic and buy new homes. As a result of increased construction demand, major household appliances were required to furnish the homes properly. However, the decline in 2023 can be partly attributed to economic uncertainty regarding rising... Learn More