Unsurprisingly, the French trade deficit hit a new record in 2022, due to rising energy prices. It rises to 164,000 million euros, a level practically double compared to the previous record of 84,700 million euros reached in 2021 according to customs figures.
The increase in the prices of imported energy (multiplication by 2.1 in one year) is largely responsible for this record. In total, just in energy exchanges with the rest of the world, France suffered a deficit of 115 billion euros, compared to 45 billion euros in 2021.
A situation that masks the good performance of certain sectors that have managed to get ahead in a difficult context.
Exceptional context for wheat
The services sector registered a record surplus of 50,000 million euros, after having already reached a record in 2021 at 36,000 million.
With transport as the locomotive, in which maritime freight with the French giant CMA CGM stands out, favored in 2022 by tensions in supply chains. Last year’s trade surplus reached 25 billion euros.
Travel services also ended a year in the green with good tourism figures, as the French spent lavishly for travel after two years of restrictions. A surplus of 14,000 million euros was achieved.
In industry, the three pillars of cosmetics, alcohol and aeronautics continued to support the economy.
Aeronautics generates a very good surplus of 23,500 million, but the figure is “worse than we could expect”, we acknowledge the Government.
Aeronautics: the shortage of components weighs
Manufacturers’ order books are full, but component shortages are slowing production, the source said. Therefore, Airbus was unable to meet its delivery target last year.
Wines and spirits generated a trade surplus of 16,000 million euros.
The trade in perfumes and cosmetics brought 15 billion euros to France.
Exports of agri-food products benefited from the global tensions caused by the war in Ukraine (and the rise in prices, particularly wheat) with a surplus that rose 37% to 10,000 million euros. Exports to Africa, for example, have shot up 135%.
“The context is quite exceptional, linked to the war in Ukraine: the price of wheat has risen enormously,” Jean-François Loiseau, president of Intercereals, which federates the different cereal professions in France, deciphers for AFP.
However, exports of meat, fish and fruit and vegetables present negative balances.
We can also highlight the good results of the electronic components industry, driven by the global shortage of semiconductors, which registered a surplus of 3.2 billion euros. This is as much as the surplus generated by the manufacture of ships.
Or the surplus of 3,400 million in leather and footwear while the textile/clothing sector presents a deficit of almost 11,000 million euros.
Source: BFM TV
