France’s trade deficit slowed its progression for the second consecutive month in November, standing at 13 billion euros thanks to a decrease in energy imports (AFP/Sameer Al-DOUMY)
France’s trade deficit slowed its rise for the second consecutive month in November, standing at 13 billion euros thanks to a drop in energy imports, customs said on Monday.
After reaching 14.1 billion euros in October, against 14.4 billion initially estimated, the deficit was reduced by 1.1 billion thanks to a fall in imports (-1.5 billion) greater than that of exports (-0.4 billion).
In total, France imported goods worth 64.3 billion in November and exported 51.3 billion.
The decrease in imports “is driven by that of energy supplies, which fell by 1.4 billion this month”, indicate the customs.
“The amount of energy supplies has indeed decreased by 10.4% (after -8.2% in October and -7.0% in September), after having continuously increased since the end of 2020”, is it detailed.
But excluding trade in energy products from the scope of the trade balance, it deteriorates slightly from October to November, to the tune of 300 million euros.
Cumulatively over twelve months, the trade deficit “continues to deteriorate and reaches 159.5 billion euros”, specify the customs in their press release.
For the whole of 2022, the French government expects a negative balance of 156 billion euros, according to the documents of the finance bill for 2023.
In 2021, the trade deficit had reached an all-time high of 85 billion euros.
As for the balance of payments, which includes trade in services, the current account deficit doubled between October and November, rising from 3.4 billion euros to 6.8 billion according to the Banque de France.