The trade deficit for French goods reached a new record in March at 11.5 billion euros (12 billion francs), significantly degraded by energy imports, the prices of which soared with the invasion in Ukraine, indicated Customs on Monday.
The deficit had already crossed the 10 billion euro mark in February with 10.3 billion euros, according to the corrected figures from Customs. It also reached an absolute record in accumulation over twelve rolling months, at 100 billion euros.
The sharp deterioration in the French balance of trade is linked to the increase in the amounts of imported goods compared to exported goods, detail Customs, at 57.4 billion euros against 45.9 billion euros in March.
‘The increase in the amounts traded is driven by the increase in prices’, they specify, affirming that import prices have increased by 5% while they have taken only 2% for exports.
This is partly explained by the rise in the prices of natural hydrocarbons and electricity, the bill for which increased by 4% over the month and 19% over three months.
Oil prices have soared in recent months in the wake of the gradual recovery of the global economy and then the war in Ukraine at the initiative of Russia, propelling the price of a barrel above 100 dollars.
French exports were also less vigorous in March, add Customs, interrupting this month a continuous increase since the beginning of 2021 and therefore widening the deficit.
As for the balance of payments, which includes trade in services, the current account deficit stood at 3.2 billion euros in January, against 2.3 billion the previous month, detailed the Banque de France on Monday.
/ATS