In 2023, Canada's wheat import volume stood at approximately 1.34 million metric tons. The forecast from 2024 to 2028 indicates a steady growth, beginning at 1.35 million metric tons in 2024 and reaching 1.4 million metric tons by 2028.
Year-on-year growth over the initial two years is about 0.74% annually, indicating a gradual increase in wheat import volumes. Over the five-year forecast period, the compound annual growth rate (CAGR) is projected to average approximately 0.88% per year.
Future trends to watch for:
- Changes in domestic wheat production levels potentially impacting import needs.
- Currency exchange rate fluctuations affecting import costs.
- Impact of international trade agreements or tariffs influencing import volumes.
- Climate changes and their effect on global wheat supply.
