In 2023, the ores and metals exports in Canada represented 7.91% of goods exports. The forecasted data from 2024 to 2028 indicates a slight downward trend in the share of ores and metals exports, decreasing from 7.87% in 2024 to 7.72% in 2028. The year-on-year percentage variations reflect minor declines each year, highlighting a progressive but slow reduction in the sector's contribution to total goods exports. Over the last two years, the sector experienced modest but consistent decreases, which align with a five-year compounded annual growth rate (CAGR) of -0.48%, indicating a gradual decline in the relative share of these exports.
Future trends to watch for include potential shifts in global demand for ores and metals, changes in international trade policies, and advancements in mining and metallurgical technologies. It will be crucial to monitor how these factors could either mitigate the downward trend or further influence the sector's position within Canada's export portfolio.
