In 2023, the import of nuts of iron or steel to Canada stood at a base value in million US dollars. From 2024 onwards, forecast data suggests a consistent upward trend in imports.
Year-by-year analysis reveals a modest growth rate in imports, with variations noted in year-on-year terms showing steady increases: approximately 1.6% in 2024, and thereafter, slight increments range from about 1.5% to 1.6% yearly, peaking at around 1.4% from 2027 to 2028. The compound annual growth rate (CAGR) over the five-year forecast period from 2024 to 2028 averages around 1.5%.
Future trends to watch for:
- Potential fluctuations due to changes in global steel prices
- Economic policies affecting trade agreements
- Technological advancements in manufacturing processes
- Shifts in industrial demand within Canada
