The import of agricultural, horticultural, or forestry machinery to Canada saw fluctuations from 2013 to 2023, with initial values showing a sharp decline between 2013 and 2016 before starting a gradual recovery. In 2023, the import value stood at 472.2 million USD. Specifically, the period from 2021 to 2023 showed stable yet modest growth, with a year-on-year variation of 1.74% in 2023 and a 5-year compound annual growth rate (CAGR) of -0.38% leading to 2023.
The forecasted data from 2024 to 2028 indicate a steady growth rate, with a 5-year CAGR of 1.22%, projecting an import value of 510.15 million USD by 2028, reflecting a 6.26% growth over this period.
Future trends to watch for:
- Technological advancements in machinery contributing to higher efficiency.
- Impact of trade policies and tariffs on import values.
- Demand shifts due to climate change and sustainable practices.
