France Current Account Deficit Largest in 4 Months

France's current account deficit widened to a seasonally adjusted €1.4 billion in June 2026 from an upwardly revised €1.2 billion in the previous month. It marked the largest shortfall since February, driven by a weaker services balance, with the surplus narrowing to €5.2 billion from €6.3 billion, while the primary income surplus edged down to €3.6 billion from €3.7 billion. Partly offsetting the decline, the goods trade deficit narrowed to €5.3 billion from €6.3 billion. Within goods trade, the deficit excluding energy eased to €1.5 billion from €1.7 billion, while the energy shortfall shrank to €3.8 billion from €4.6 billion. The secondary income deficit remained unchanged at €4.9 billion. For the first half of 2026, France recorded a cumulative current account deficit of €6.5 billion.

The French current account deficit narrowed to a seasonally adjusted €100 million in May of 2026 from a revised €600 million in the previous month, marking the lowest gap in the last four months. The services account surplus widened to €6.4 billion from €4.6 billion in April, lifted by a €1 billion increase in exports of professional and management consulting services, research and development, and technical services to €1.8 billion. In turn, the goods account gap widened to €5.5 billion from €4 billion as the trade balance when excluding energy swung to a deficit of €1.3 billion from a surplus of €0.6 billion. The energy goods account was at a sharp deficit of €4.2 billion as the war in the Middle East maintained the elevated prices of fuel imports.

France's current account deficit narrowed to EUR 0.2 billion in April 2026 from a downwardly revised EUR 0.9 billion in the previous month. This marked the smallest deficit since April 2019, driven by a lower goods trade shortfall, which eased to EUR 3.9 billion from EUR 4.1 billion in March, and a larger services surplus, which expanded to EUR 4.5 billion from EUR 3.9 billion. Within goods trade, the surplus excluding energy widened to EUR 0.6 billion from a balanced position in March, although the energy deficit increased to EUR 4.5 billion from EUR 4.2 billion. Meanwhile, the primary income surplus edged down to EUR 3.88 billion from EUR 3.9 billion, while the secondary income gap stood at 4.6 billion. On a 12-month basis, the country’s current account deficit widened to EUR 6.6 billion from EUR 2.6 billion a year earlier.