Price for Tractors; (Other than Tractors of Heading No 8709) in Canada - 2024

Contents:

1. Price for Tractors; (Other than Tractors of Heading No 8709) in Canada (CIF) - 2024
2. Price for Tractors; (Other than Tractors of Heading No 8709) in Canada (FOB) - 2022
3. Imports of Tractors; (Other than Tractors of Heading No 8709) in Canada
4. Exports of Tractors; (Other than Tractors of Heading No 8709) in Canada

Price for Tractors; (Other than Tractors of Heading No 8709) in Canada (CIF) - 2024

The average import price for tractors; (other than tractors of heading no 8709)s stood at $106K per unit in December 2023, waning by -7.5% against the previous month. Overall, import price indicated perceptible growth from January 2023 to December 2023: its price increased at an average monthly rate of +3.8% over the last eleven-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, import price for tractors; (other than tractors of heading no 8709)s increased by +129.6% against June 2023 indices. The growth pace was the most rapid in July 2023 an increase of 84% against the previous month. Over the period under review, average import prices hit record highs at $115K per unit in November 2023, and then reduced in the following month.

There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was Germany ($249K per unit), while the price for South Korea ($18,940 per unit) was amongst the lowest.

From January 2023 to December 2023, the most notable rate of growth in terms of prices was attained by Germany (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Tractors; (Other than Tractors of Heading No 8709) in Canada (FOB) - 2022

In 2022, the average export price for tractors; (other than tractors of heading no 8709)s amounted to $93,550 per unit, surging by 25% against the previous year. Over the period under review, the export price recorded a resilient increase. The most prominent rate of growth was recorded in 2021 an increase of 34%. The export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($177,828 per unit), while the average price for exports to the UK ($9,712 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+20.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tractors; (Other than Tractors of Heading No 8709) in Canada

In 2022, approx. 87K units of tractors; (other than tractors of heading no 8709)s were imported into Canada; jumping by 31% on the previous year's figure. Over the period under review, total imports indicated a resilient expansion from 2019 to 2022: its volume increased at an average annual rate of +12.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of tractors; (other than tractors of heading no 8709)s soared to $4.8B in 2022. Overall, total imports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +5.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 51% against the previous year. Over the period under review, imports of reached the maximum in 2022 and are likely to see gradual growth in the immediate term.

Top Suppliers of Tractors; (Other than Tractors of Heading No 8709) to Canada in 2022:

1. United States (49.8K units)
2. Japan (11.4K units)
3. South Korea (7.8K units)
4. Mexico (6.8K units)
5. Germany (3.8K units)
6. Italy (1.9K units)

Exports of Tractors; (Other than Tractors of Heading No 8709) in Canada

For the third consecutive year, Canada recorded decline in overseas shipments of tractors; (other than tractors of heading no 8709)s, which decreased by -4.5% to 5.8K units in 2022. In general, exports showed a abrupt downturn. Over the period under review, the exports of reached the maximum at 7.9K units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, exports of tractors; (other than tractors of heading no 8709)s surged to $543M in 2022. The total export value increased at an average annual rate of +3.1% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Top Export Markets for Tractors; (Other than Tractors of Heading No 8709) from Canada in 2022:

1. United States (4485.0 units)
2. Australia (190.0 units)
3. United Kingdom (171.0 units)
4. Chile (139.0 units)
5. Dominican Republic (67.0 units)

Source: IndexBox Market Intelligence Platform