After recording the worst deficit in its history, Customs announced on Tuesday a decline in the trade deficit for the month of February, to 9.4 billion euros, against 9.8 for the month of January. Thus, the French trade deficit interrupts a series of declines over the previous three months, thanks to an increase in exports and a stagnation in imports. Import prices increased in value by 3% against 1% for exports, while the rise in the price of goods had for months favored the deterioration of the deficit.
Scrutinized in recent months due to soaring hydrocarbon prices, energy imports have once again weighed on the French trade balance, with a negative balance of 200 million euros. Customs specify that the price of imported energy goods increased by 10% over the month. At the same time, the price of a barrel of oil on the international markets crossed the symbolic bar of 100 dollars in February, pushed up by the start of the Russian invasion of Ukraine.
The foreign trade balance on the rise
For its part, the balance of French foreign trade has been progressing for three months thanks to a more marked growth in exports. Regarding the balance of payments, which includes trade in services, the current account deficit stood at 1.1 billion euros in January, against 1.3 billion the previous month, detailed the Banque de France on Tuesday.