The forecast for the import of Nickel Bars, Rods, and Profiles to Canada shows a declining trend from 2024 to 2028. In 2023, the actual import value stood at 273.57 thousand US dollars. The forecasted values depict a year-on-year reduction, starting with 239.37 thousand US dollars in 2024 and decreasing progressively to 123.67 thousand US dollars by 2028.
Analysis of the year-on-year variation:
- 2024: -12.5% from 2023
- 2025: -12.5% from 2024
- 2026: -13.9% from 2025
- 2027: -15.9% from 2026
- 2028: -18.5% from 2027
The Compound Annual Growth Rate (CAGR) over this five-year period is -15.3%, indicating an average annual decline in imports of Nickel Bars, Rods, and Profiles to Canada.
Future trends to watch for include potential changes in global nickel prices, shifts in Canada’s industrial demand, and trade policy adjustments that could impact import volumes. Monitoring technological advancements and alternative materials that could substitute nickel in various applications will also be crucial.
