French July Trade Deficit Largest in 5 Months


French trade deficit widened to EUR 6.0 billion in July of 2017 from an upwardly revised EUR 4.9 billion in June and above market expectations of a EUR 4.5 billion gap.

Imports jumped by 3 percent from the previous month to EUR 45.3 billion in July, as purchases went up for: Refined oil (24.2 percent); pharmaceuticals (3.5 percent); aerospace industry (31.5 percent); textiles, leather (1.6 percent); rubber products, plastics, various minerals (5.4 percent); agriculture (0.9 percent); wood, paper, cardboard (3.0 percent); metallurgical and metal products (2.5 percent); computers, electronics and optical (0.9 percent); chemicals (10.0 percent); industrial and agriculture machinery (4.8 percent); ships, trains, bikes (4.6 percent); perfumes, cosmetics, cleaning products (4.2 percent); and electrical and household equipment (1.3 percent). In contrast, purchases dropped for: Works of arts, technical documentation, publishing products (-0.5 percent); automotive products (-1.0 percent); jewelry, toys, furniture (-1.1 percent); and natural hydrocarbons (-6.2 percent).
 
Imports increased from the Middle East (17.4 percent), the EU (3.8  percent), mainly from Finland (34.5 percent) and the UK (16.7 percent); Asia (6.4 percent), and America (5.7 percent). In contrast, purchases decreased from Africa (-3.6 percent).

Exports increased by 0.5 percent to EUR 39.3 billion, driven by higher sales of: Natural hydrocarbons (0.9 percent); refined oil (9.8 percent); automotive products (3.2 percent); pharmaceuticals (3.8 percent); works of arts, technical documentation, publishing products (6.4 percent); chemicals (0.2 percent); computers, electronics and optical (2.0 percent); and electrical and household equipment (4.4 percent); jewelry, toys, furniture (1.8 percent); perfumes, cosmetics, cleaning products (5.4 percent); agriculture products (1.7 percent); rubber products, plastic, various minerals (0.7 percent);  wood, paper, cardboard (1.9 percent), and textiles, leather (1.2 percent). Meanwhile, outbound shipments fell for: Ships, trains and bikes (-4.3 percent); aerospace industry (-2.8 percent), and industrial and agriculture machinery (-0.6 percent).
 
Exports increased to the Middle East (23.8 percent), America (3.5 percent) and the EU (1.4 percent). In contrast, sales decrease to Asia (-6.8 percent) and Africa (-0.6 percent).

Ministère de l'Économie et des Finances l Chusnul Ch Manan | chusnul@tradingeconomics.com
9/7/2017 10:10:54 AM