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France's trade balance for goods improves

Feb '20
Pic: Shutterstock
Pic: Shutterstock
France’s trade balance for goods improved for the first time since 2015, with a deficit of €58.9 billion, after €62.8 billion in 2018, thanks to an increase in exports (up 3.3 per cent to €508 billion) that was more marked than for imports (up 2.2 per cent to €566.9 billion), French minister of state Jean-Baptiste Lemoyne announced recently.

The nation’s trade balance improved compared to all the world’s major regions except Asia.

France’s foreign trade showed good resilience in an unfavourable international environment marked by high trade tensions, a rise in protectionism and lacklustre global trade. This resilience is remarkable by comparison with other European countries, said a press release from France’s ministry of European and foreign affairs.

The non-energy goods trade deficit fell from €32 billion in 2018 to €29.1 billion in 2019, thanks in particular to good performance in exports of pharmaceutical products (up 10.4 per cent to €33.6 billion), textile products and clothing (up 8.5 per cent to €28.5 billion), and agricultural and agrifood products (up 3.2 per cent to €64.4 billion).

The luxury industries also continued to support France’s foreign trade, with a 9 per cent rise in exports to €55.9 billion.

As for the current balance–a measure of France’s need for foreign finance– it remained relatively stable and comparable to that of 2018, down 0.8 per cent of gross domestic product in 2019, according to the latest estimates from the Banque de France.

According to the trends observed in the first three quarters of 2019, the growth in French goods exports in 2019 was greater than that in German, British, Italian, Dutch and Spanish exports. France’s market share in global trade has stabilized since 2012, at 3.1 per cent in goods and 3.5 per cent in goods and services, keeping France in fifth place in the world in terms of exports of goods and services.

Fibre2Fashion News Desk (DS)

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February 2020

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