Economy. France’s trade deficit continues to shrink
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France’s trade deficit narrowed for the fifth month in a row in February, to stand at 6 billion euros on trade in goods alone, Customs said on Tuesday.
Down 200 million euros over one month, the deficit decreased thanks to an increase of 100 million euros in exports (which reached a total of 50.3 billion euros in February) and a decline of 100 million in exports. imports (56.3 billion), they specified.
The January deficit figure improved significantly (+700 million euros, to 6.2 billion) compared to the first estimate published in March by Customs, which then announced a deterioration to 6.9 billion euros. ‘euros. “Thanks to (these) five months of successive improvements”, the indicator returned to “a level that it had not seen for two years”, they explained on Tuesday.
A deficit energy bill
Cumulatively over twelve months, the trade deficit is also reduced. It thus reached 90.9 billion euros between March 2023 and February 2024, while it was still close to 100 billion at the end of 2023. France’s energy bill was reduced by 100 million in February over one month, but the balance of trade in energy goods remains largely in deficit at 4 billion euros.
The trade deficit on trade in intermediate goods also fell by 100 million euros in February, to stand at 1.3 billion euros. The balance of capital goods for its part deteriorated by 100 million euros, to 3.1 billion euros. Finally, the surplus recorded by France on consumer goods remained at 700 million euros. The latter thus remains “at its highest level since the 2000s”.
According to data published Tuesday by the Bank of France, France’s surplus on trade in services increased by 900 million euros over one month in February to reach 4 billion euros. Travel services largely contributed to this movement, with their surplus increasing by 400 million euros. According to the Banque de France, the current account balance (an indicator that includes exchanges of goods and services and income) reached 900 million euros in February, after a deficit of 500 million euros in January.
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