French Trade Deficit at 9-Month Low

The trade gap in France narrowed 41.4 percent to EUR 2.84 billion in May from April of 2016, better than market expectations of a EUR 4.9 billion deficit. It is the lowest shortfall since August last year as exports reached the highest in three months while imports came back to contraction.

Exports rose 1.4 percent to EUR 37.67 billion, following a 2 percent gain in April. It is the first time in a year sales went up for two consecutive months, boosted by a delivery of the large Harmony of the Seas cruise ship to the United States while exports of military transportation, pharmaceuticals and agricultural products also contributed positively. 

Imports shrank 3.5 percent to EUR 40.5 billion, erasing a 3 percent rise in April, mainly due to a sharp decline in aeronautical purchases. 

Regarding blockages in France refineries in May, lower crude oil prices were offset by rising supplies of refined oil. 

French Trade Deficit at 9-Month Low

Joana Taborda |
7/7/2016 9:03:56 AM