The French trade deficit narrowed sharply to EUR 3.3 billion in May 2019 from a downwardly revised EUR 4.9 billion in the prior month and below market expectations of EUR a 4.95 billion shortfall. It was the lowest trade gap since December 2017, as exports hit a record high due to rise in shipments of military equipment, aerospace products and pharmaceuticals. Meanwhile, imports advanced at a much slower 0.8 percent. Balance of Trade in France averaged -1229.69 EUR Million from 1970 until 2019, reaching an all time high of 2674 EUR Million in October of 1997 and a record low of -7439 EUR Million in January of 2017.

Balance of Trade in France is expected to be -4900.00 EUR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in France to stand at -3950.00 in 12 months time. In the long-term, the France Balance of Trade is projected to trend around -2650.00 EUR Million in 2020, according to our econometric models.

France Balance of Trade
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-05 06:45 AM Balance of Trade €-4B €-4.2B €-4.7B €-4.7B
2019-05-07 06:45 AM Balance of Trade €-5.3B €-4.1B €-4.5B €-5.2B
2019-06-07 06:45 AM Balance of Trade €-5B €-5.5B €-4.9B €-4.6B
2019-07-05 06:45 AM Balance of Trade €-3.3B €-4.9B €-4.95B €-5.7B
2019-08-07 06:45 AM Balance of Trade €-3.3B € -4.8B
2019-09-06 06:45 AM Balance of Trade €-3.2B
2019-10-08 06:45 AM Balance of Trade €-3.8B



France Posts Smallest Trade Gap since 2017

The French trade deficit narrowed sharply to EUR 3.3 billion in May 2019 from a downwardly revised EUR 4.9 billion in the prior month and below market expectations of EUR a 4.95 billion shortfall. It was the lowest trade gap since December 2017, as exports surged 4.6 percent, hitting a record high. Meanwhile, imports advanced at a much slower 0.8 percent.

Exports advanced 4.7 percent from a month earlier to a record high of EUR 44.3 billion in May, due in particular to the peak of deliveries of military equipment, that reached their highest level over the last 15 years (4.6 percent), as well as sales of transport equipment (7.6 percent), namely aerospace products (10.5 percent) and pharmaceuticals (13.4 percent). Shipments also rose for natural hydrocarbons, mining products, electricity (8.5 percent); other industrial products (4 percent); agro products (2.5 percent); chemicals & cosmestics (3.5 percent); mechanical, electrical, electronic and computer equipment (1.8 percent). In contrast, sales were down for coke and refined petroleum products (-7.6 percent) and agricultural, forestry, fishery and aquaculture products (-15.3 percent).

Among major trading partners, exports rose to the EU (0.6 percent), Asia (14.9 percent) and Middle East (26.1 percent). In contrast, they fell to Africa (-6 percent), America (-0.7 percent) and Others (-23.2 percent).

Imports rose at a softer 0.6 percent to EUR 47.5 billion, as higher acquisitions of pharmaceuticals (11.9 percent) and transport equipment (5 percent), moslty aerospace products (8.3 percent) were moderated by declines in those of natural hydrocarbons, mining products, electricity (-2.2 percent); coke and refined petroleum products (-4.3 percent); agricultural, forestry, fishery and aquaculture products (-3 percent) and jewelry, toys, furniture  (-1.8 percent).

Among major trading partners, purchases rose from the EU (3 percent), America (4.1 percent), Middle East (25.1 percent) and Others (1.7 percent), but declined from Africa (-0.4 percent) and Asia (-6.6 percent).


Ministère de l'Économie et des Finances | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
7/5/2019 10:15:58 AM



France Trade Last Previous Highest Lowest Unit
Balance of Trade -3278.00 -4866.00 2674.00 -7439.00 EUR Million [+]
Current Account 343.00 -1218.00 4784.00 -6581.00 EUR Million [+]
Current Account to GDP -0.30 -0.60 3.40 -2.10 percent [+]
Imports 47544.00 47179.00 48484.00 1151.90 EUR Million [+]
Exports 44266.00 42314.00 44266.00 1165.60 EUR Million [+]
External Debt 5104284.00 5227872.00 5227872.00 3536444.00 EUR Million [+]
Terms of Trade 114.38 114.27 115.87 89.48 Index Points [+]
Foreign Direct Investment 2540.00 4074.00 23505.00 -8086.00 EUR Million [+]
Capital Flows 10921.00 -15218.00 36458.00 -31626.00 EUR Million [+]
Remittances 43.00 43.00 87.00 22.00 EUR Million [+]
Gold Reserves 2436.00 2436.00 3024.70 2435.38 Tonnes [+]
Terrorism Index 5.48 5.96 5.96 3.38 [+]
Tourism Revenues 4849.00 5235.00 7838.00 1426.00 EUR Million [+]
Tourist Arrivals 86900.00 82600.00 86900.00 75000.00 Thousand [+]
Crude Oil Production 15.00 16.00 58.00 15.00 BBL/D/1K [+]
Weapons Sales 1768.00 2302.00 4021.00 8.00 USD Million [+]

Exports by Country  |   Exports by Category  |   Imports by Country  |   Imports by Category



France Balance of Trade

Since 2004, France has been recording trade deficits due the gradual erosion of the export-oriented industry, the appreciation of the euro and the increasing dependency on imports of energy and manufactured products. In 2017, the biggest trade deficits were recorded with: China & Hong Kong, Germany, the Netherlands, Italy and Belgium; while the biggest trade surpluses were recorded with: the Middle East, the UK, Africa and Switzerland. This page provides the latest reported value for - France Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. France Balance of Trade - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-3278.00 -4866.00 2674.00 -7439.00 1970 - 2019 EUR Million Monthly




Country Last Previous
Argentina 1373.00 May/19
Australia 5745.00 May/19
Brazil 5020.00 Jun/19
Canada 762.30 May/19
China 509.76 Jun/19
Euro Area 23033.60 May/19
France -3278.00 May/19
Germany 20600.00 May/19
India -15280.00 Jun/19
Indonesia 196.00 Jun/19
Italy 5347.00 May/19
Japan -967.11 May/19
Mexico 1030.71 May/19
Netherlands 5579.00 May/19
Russia 11823.00 May/19
Saudi Arabia 131636.00 Mar/19
Singapore 3962.64 May/19
South Africa 1737.21 May/19
South Korea 4168.00 Jun/19
Spain -1605300.00 Apr/19
Switzerland 1654.00 May/19
Turkey -1837.83 May/19
United Kingdom -2324.00 May/19
United States -55520.00 May/19


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