Between 2013 and 2023, the import value of unwrought nickel to Canada has experienced significant fluctuations. The series peaked in 2014 with a remarkable 464.17% year-on-year increase but subsequently underwent several periods of decline, including a notable -38.2% drop in 2019. The most recent years show a general downward trend, with a -5.98% year-on-year change in 2022 and a -4.19% change in 2023, bringing the import value to $11.445 million USD by 2023. The compound annual growth rate (CAGR) over the last five years stands at -3.62%, forecasting a -16.85% overall decrease by 2028.
Future trends to watch for:
- Continued downward pressure on market prices and potential policy changes affecting import tariffs.- Growth in domestic or alternative sources of nickel, potentially reducing dependency on imports.- Technological advancements or shifts in industry demand, especially from sectors like electric vehicle batteries and stainless steel manufacturing, which are key consumers of unwrought nickel.
