The import of parts of agricultural machinery to Canada has seen fluctuating trends over the past decade. In 2023, the value stood at approximately 261.04 million USD. From 2013 to 2022, the year-on-year variations have shown significant declines and modest gains, reflecting an unstable market. Notably, the period between 2014 and 2016 saw significant declines, followed by a recovery in 2017. The latest data indicates slight positive growth, with a CAGR of -0.94% from 2018 to 2023.
Looking ahead, forecast data from 2024 to 2028 shows a gradual increase with a 5-year CAGR of 0.4%. This projects a stabilization in the market, with a total growth of 2% over the next five years.
Future trends to watch for include:
- Technological advancements in agricultural machinery parts which may affect import volumes and values.
- Trade policies and agreements that could influence the import dynamics between Canada and key exporter countries.
- Environmental and sustainability regulations which might impact the demand for newer, eco-friendly machinery parts.
- Economic factors, including shifts in agricultural productivity and investment trends within the farming sector.
