The import of silver to Canada has seen significant fluctuations over the past two decades. Starting from $973.53M in 2013, imports saw a notable rise to $1268.7M in 2016, then experienced a substantial drop until 2018. Year-on-year variations show considerable volatility, with drastic decreases like -46.93% in 2017 and -36.86% in 2018, and sharp increases such as 22.33% in 2016 and 35.88% in 2019. After some recovery, imports stood at $452.31M by 2023, reflecting a more stable, albeit declining, trend since 2020.
Future forecasts predict a continued decline in the import of silver to Canada, with expectations that values will fall to $317.7M by 2028. Over the next five years, the Compound Annual Growth Rate (CAGR) is forecasted to be -5.68%, indicating a persistent downward trend.
Future Trends to Watch For:
- Fluctuations in global silver prices which could impact import values.
- Technological advancements in precious metal recycling which could reduce import reliance.
- Changes in demand from key industries such as electronics and solar energy.
- Potential trade policies or tariffs that could affect silver imports.
