France Posts Smallest Trade Gap in 7 Months



The French trade deficit narrowed to EUR 3.5 billion in July 2018 from a downwardly revised 6.1 billion in June and far below market consensus of a EUR 5.7 billion gap. It was the smallest trade deficit since December 2017, as imports fell 4.4 percent to EUR 44.8 billion while exports rose 1.2 percent to EUR 41.3 billion.

Imports declined 4.4 percent from a month earlier to a EUR 44.8 billion in July, following a downwardly revised 1 percent rise in the prior month, dragged by lower purchases of aerospace products (-5.8 percent). Other significant loses were also recorded in refined oil (-24.1 percent); metallurgical and metal products (-8.8 percent), computer, electronic, and optical products (-1.6 percent), and wood, paper and cardboard (-1.2 percent). 

Among major trading partners, purchases decreased primarily from the US (-4.4 percent); the EU (-4.1 percent), namely from Germany (-1.5) percent), Italy (-7.8 percent) and Belgium (-2.9 percent). On the other hand, imports-arrivals increased mainly from China (0.9 percent) and Spain (0.7 percent).

Exports advanced 1.2 percent to EUR 41.3 billion in July, after a downwardly revised 0.9 percent gain in June. Sales rose mostly for aerospace products (27.3 percent); refined oil (20.1 percent) and pharmaceutical products (9.8 percent). Other increases were also seen in computer products (2.3 percent); metallurgical and metal products (1 percent); and electrical equipment (0.4 percent).

Among major trading partners, shipments went up mostly to Germany (2 percent); Belgium (2.4 percent) and the US (1.9 percent) while they fell from Spain (-3.1 percent) and Italy (-3.4 percent).
 

France Posts Smallest Trade Gap in 7 Months


Ministère de l'Économie et des Finances l Chusnul Ch Manan | chusnul@tradingeconomics.com
9/7/2018 11:27:12 AM