France’s trade deficit narrowed slightly to 8.5 billion euros in October thanks to a reduction in the energy bill, Customs noted on Thursday December 7. The French trade balance improved by 200 million euros compared to the previous month, which showed a deficit of 8.7 billion euros.
It showed an improvement in October after several months of deterioration since July, Customs statistics show.
Exports fell by 200 million euros
Over the month of October, exports fell by 200 million euros, to 49.5 billion euros, while imports fell further, by 400 million euros, to 58 billion euros. euros. The energy deficit was reduced by 200 million euros, to 5.1 billion euros, thanks to a drop in imported volumes, write Customs.
Excluding energy, however, the foreign trade balance continues to deteriorate: the deficit increased in October by 100 million euros, reaching 5.4 billion euros. Over twelve months, the cumulative trade balance is reduced, with a deficit of 118.6 million euros, constantly improving since February.
Over the whole of 2022, it peaked at a record amount of 164 billion euros, weighed down by the cost of energy imported from abroad by France. On the trade in services side, the surplus was 2 billion euros in October after 2.6 billion the previous month, indicated the Banque de France in a press release also published Thursday.
In total, the current transactions balance (an indicator which includes both exchanges of goods, services and income) is in deficit of 2.9 billion euros in October, slightly deteriorating after 2.8 billion in September .