France Posts Largest Trade Deficit in 10 Months

France’s trade deficit widened to €6.9 billion in March 2026 from a revised €5.5 billion in February, coming in above expectations of €5.6 billion. This marks the largest reading since May 2025, as imports rose 3.2% month-on-month to €59.3 billion, led by strong increases in natural hydrocarbons (+30.0%), refined petroleum products (+25.4%), and transport equipment (+2.8%). Imports grew from the European Union (+3.4%), Africa (+1.3%), the Americas (+4.2%), and the Middle East (+42.0%). Meanwhile, exports rose at a slower pace of 1.0% to €52.5 billion, driven by refined petroleum products (+35.5%) and natural hydrocarbons (+11.3%). In contrast, exports declined in agricultural products (-0.8%), other industrial products (-0.8%), and publishing and communication goods (-4.2%). By region, exports increased to Africa (+9.4%), Asia (+8.0%), the European Union (+1.0%), and miscellaneous destinations (+16.2%), while falling to the Americas (-6.4%) and the Middle East (-10.1%).

France’s trade deficit widened to €5.8 billion in February 2026 from an upwardly revised €2.0 billion in February and above the expected €2.4 billion. Exports fell 0.9% month-on-month to €51.0 billion, weighed down by lower shipments of agricultural products (-2.8%), mechanical and electrical equipment (-0.5%), and natural hydrocarbons (-25.7%), while gains were seen in refined petroleum (+15.8%) and other industrial products (+1.7%). By region, exports fell to Asia (-8.1%) and the European Union (-0.6%), but rose to Africa (+5.6%), the Americas (+6.4%), and the Middle East (+2.2%). Meanwhile, imports increased 5.0% to €58.5 billion, driven by higher purchases of mechanical and electrical equipment (+5.7%), transport equipment (+7.6%), and natural hydrocarbons (+23.1%), though refined petroleum imports fell (-5.4%). Imports grew from Africa (+10.0%), the Americas (+7.7%), and Asia (+5.0%), while flows from the Middle East (+1.2%) and the EU (+3.3%) rose moderately.

France’s trade deficit narrowed sharply to €1.8 billion in January 2026, from a revised €4.3 billion in December and well below the expected €4.6 billion gap. This marked the smallest deficit since July 2009, as exports rose 0.7% month-on-month to €53.4 billion, supported by gains in transport equipment (+0.8%), natural hydrocarbons and electricity (+16.2%), and publishing and communication products (+43.3%). By region, exports increased to the European Union (+3.8%), Europe outside the EU (+0.2%), and the Americas (+0.2%), but declined to Asia (-5.8%), Africa (-5.1%), and the Middle East (-36.9%). Meanwhile, imports fell 3.6% to €55.3 billion, driven by lower purchases of transport equipment (-9.6%), natural hydrocarbons and electricity (-10.6%), and other industrial products (-2.2%). Purchases declined from most regions, including Asia (-6.7%), Europe outside the EU (-6.1%), the Americas (-3.9%), and Africa (-17.0%), while imports from the EU edged down slightly (-0.6%).