The import of Mineral Fuels, Oils and Distillation Products to Canada has shown considerable variability over the past decade. Starting at $50.277 billion in 2013, the value declined to $25.262 billion by 2016 but saw a rebound to $36.72 billion in 2018. From 2019 onward, the import values have exhibited a stability around $33 billion. Specifically, in 2023, the import value stood at $33.484 billion. The forecast for the next five years indicates a slight, consistent decrease, projecting a value of $33.362 billion by 2028.
Key year-on-year variations include significant decreases such as a -38.34% in 2015 and increases like 21.84% in 2018. Over the last two years, the variation has been minimal, at -0.077% in 2022 and -0.077% in 2023. The five-year CAGR up to 2023 was -1.83%, and the forecast indicates a future five-year CAGR of -0.06%, suggesting a very modest decline.
Future trends to watch for include geopolitical impacts on trade, advancements in renewable energy sources reducing reliance on fossil fuels, and potential shifts in global oil prices. Additionally, policy changes in environmental regulations could significantly influence import volumes.
