The French commerce deficit falls under 100 billion euros | EUROtoday

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A container ship at the terminal of the port of Le Havre, in Seine-Maritime, from a beach in Honfleur (Calvados), December 28, 2023.

Despite a dark financial context, France's commerce deficit narrowed in 2023. It went from 163 billion euros in 2022, its historic report, to round 99.6 billion, in keeping with figures revealed on Wednesday February 7 by Customs. Imports reached 731 billion euros (– 7.1% vs. 2022, after a rise of 29.4% in 2022) for 607.3 billion euros (+ 1.5% vs. 2022, after a rise of 19.1% in 2022) of exports.

These information, revealed within the absence of a minister or secretary of state answerable for international commerce, don’t take note of commerce in companies (primarily monetary companies, tourism and transport companies), that are normally in surplus.

The fall in vitality costs is decisive

The clear deterioration of the commerce deficit in 2022 was linked to the surge in costs of imported hydrocarbons, in addition to the necessity for France to import electrical energy as a result of shutdown of a number of energy crops − an unprecedented scenario since 1980. In 2023, the development in our commerce steadiness may be defined by symmetrical causes. The costs of imported hydrocarbons have fallen, whereas our internet exports of electrical energy have picked up due to the restarting of our nuclear fleet.

These revenues from electrical energy gross sales outdoors our borders “have just returned to their pre-crisis level”, notes Vincent Vicard, deputy director of the Center for Prospective Studies and International Information. In 2023, the vitality steadiness improved by 46.6 billion euros. Everything means that, over the approaching years, oil and fuel costs will stay one of many major determinants of the commerce steadiness.

Few results of reindustrialization on commerce in manufactured items

The reindustrialization effort undertaken in France because the Covid-19 disaster has not but resulted in a spectacular enchancment in exports of manufactured items. Certainly, excluding vitality, the steadiness of manufactured items improved by 22.8 billion euros. Indeed, in 2022, imports of intermediate items (chemistry, plastics-rubber, metallurgy, and so on.) skilled very sturdy demand, following post-Covid provide shortages. “This demand has largely normalized in 2023, therefore the return to regular of the sectoral deficitobserves Stéphane Colliac, economist at BNP Paribas. But these favorable results shouldn’t be felt as a lot in 2024, which can restrict the room for added enchancment anticipated this yr. »

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