The import of photosensitive, photovoltaic, and LED semiconductor devices to Canada peaked in 2014 at $575.28 million USD. Since then, it has shown a downward trend, decreasing substantially to $457.76 million USD in 2016 and further stabilizing around $410 million USD from 2019 to 2023 with minor yearly variations. Specifically, in 2023, the value stood at $415.96 million USD.
The year-on-year imports have shown significant variation with notable declines in several years. For instance, the imports dropped sharply in 2016 by approximately 18.1% from the previous year. More recently, the annual decreases have been less drastic, averaging around -0.28% between 2022 and 2023. The 5-year CAGR from 2023 to 2028 is forecasted to be -0.21%, maintaining a slight but consistent decline.
Future trends to watch for include advancements in semiconductor technology that may influence import needs, shifts in global supply chains, and Canada’s potential strategic moves towards local production and sustainability. Monitoring these factors will be essential for anticipating changes in import demand.
