In 2023, propane imports in Canada were valued at 7.88 thousand terajoules, signifying a slight year-on-year increase of 1.23%. Over the last two years, the import values showcased minor fluctuations with a year-on-year change of 2.41% in 2022 and a decrease of 13% in 2021. Over the past five years, the compound annual growth rate (CAGR) reflected a steady decline, averaging -2.87% annually from 2019 to 2023.
Moving forward, between 2024 and 2028, propane imports are forecasted to grow steadily with a projected CAGR of 0.91%. The total forecasted growth rate over these five years is expected to be 4.65%, pointing towards modest but consistent growth in propane imports in the upcoming years.
Future trends to watch for include:
● Potential changes in global energy demand and supply dynamics.
● Fluctuations in domestic production capabilities and alternative energy investments.
● Regulatory and environmental policy shifts influencing energy import strategies.
