The French trade deficit in goods slowed down in October to 14.4 billion euros. “Imports that fell sharply and a more moderate drop in exports this month” explain the improvement observed in October, indicates Customs.
Imports fell by €0.9 billion to €65.8 billion, while exports fell more moderately by €0.4 billion to €51.4 billion.
A drop in gas imports.
While the French deficit rose sharply this year due to the energy bill linked mainly to the war in Ukraine, gas imports fell sharply in October, offering some respite from the energy deficit.
In addition, electricity imports in volume have fallen, particularly in industry, as have prices that fell sharply between September and October 2022, customs continue.
Deficit of 14.9 billion euros in September
For its part, the deficit for the month of September has been revised downwards significantly, to 14.9 billion euros compared to an initial record of 16.8 billion euros due to the calculation method that establishes three-month averages and takes into account the October statistics.
After accumulating records month after month this year, the French deficit is heading, despite the respite in October, towards a record year. Cumulatively over twelve months, it is already at 154.2 billion euros. For all of 2022, the French government expects a negative balance of 156 billion euros, according to the finance bill documents for 2023.
In 2021, the trade deficit reached an all-time high of 85 billion euros.
Regarding the balance of payments, which includes trade in services, the current account deficit stood at 3.8 billion euros in October, compared to 7.3 billion euros the previous month, the Banque de France detailed on Wednesday.
Source: BFM TV
