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).

France Posts Smallest Trade Gap since 2017


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