France Trade Gap Widens in January as Imports Hit Record


The trade deficit in France increased to EUR 5.56 billion in January of 2018 from a downwardly revised EUR 3.40 billion in December and compared with market consensus of a EUR 4.35 billion shortfall. Imports hit a record high mainly due to a surge in purchases of aeronautical industry from Germany. In contrast, exports fell amid declining Airbus sales especially to Malaysia, India, Singapore, China, Hong Kong, Saudi Arabia, Iran and Qatar.

Exports declined 3.9 percent month-over-month to EUR 40.3 billion, reversing from an upwardly revised 6 percent surge in December. Sales went down mostly for aerospace products (-29.4 percent), as Airbus deliveries were much lower (13 units compared to 64 in December). Other decreases were also seen in shipments of works of art, technical documentation, publishing products (-18.3 percent); ships, trains, motorcycles (-10.7 percent); metallurgical and metallic products (-4.3 percent); pharmaceuticals (-3.2 percent); jewelry, toys and furniture (-3.2 percent) and agricultural goods (-2.5 percent).

Imports rose 1.1 percent to a record EUR 45.8 billion, following an upwardly revised 0.5 percent increase in the prior month. Biggest rises were seen in purchases of aerospace products (14 percent), mainly from Germany as part of the coordinated manufacture of Airbus; refined oil (8.7 percent) mostly from Saudi Arabia, the United Arab Emirates, Algeria, Russia and the US; pharmaceuticals (5.5 percent) and industrial and agricultural machinery (3.7 percent). Other significant gains were also recorded in imports of natural hydrocarbons, mining products, electricity (3.6 percent); computer, electronic and optical products (2.6 percent); and textiles (2.3 percent).

France Trade Gap Widens in January as Imports Hit Record


Ministère de l'Économie et des Finances | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
3/7/2018 11:54:13 AM