2023-08-08 12:02:56
The French trade deficit is gradually being reduced. This is at least what the figures presented this Tuesday, August 8 by the Minister of Foreign Trade, Olivier Becht, suggest. The tricolor trade deficit on goods fell to 54 billion euros in the first half of 2023, against 89 billion euros in the previous half.
Since February 2022 and Russia’s invasion of Ukraine, the price of oil has skyrocketed, leading to a global energy crisis. As a result, last year, France recorded an annual deficit of 164 billion euros. An unprecedented figure.
Although this deficit is still much higher than in the pre-war period in Ukraine, this decrease shows that ” We are on the right path “reacted Tuesday, August 8 the French Minister of Foreign Trade, Olivier Becht, before tempering: “We must consider that there is still a long way to go to recover the equilibrium of the trade balance. These good figures remain subject to the vagaries of the economic situation in the second half. »
Falling energy prices
This decrease in the deficit in the first half of 2023 is a logical consequence of the thaw on the energy markets. The barrel of oil is indeed moving around 80 dollars, far from the 120 dollars reached in the spring of 2022 (one dollar is worth €0.91).
The Minister of Foreign Trade, however, is vigilant. “Any diplomatic shock could rapidly deteriorate the energy balance”, warned Olivier Brecht. Excluding energy and military equipment, the French trade balance shows a deficit of 30 billion euros.
The national champions also played their part in these good results. Aeronautics, driven by the good health of Airbus, saw its exports grow by 12%, and posted a surplus of 16 billion euros. For their part, perfumes and cosmetics grew by 7% to record a surplus of 8 billion euros.
A revival of automotive exports
The tricolor automotive sector, driven in particular by electric and hybrid vehicles, saw its exports increase by 8%. However, the balance of the sector remains largely in deficit with a deficit of 11.3 billion euros.
The services balance stabilized after hitting record highs last year. Freight costs, down sharply compared to 2022, carry a surplus of 20 billion euros, “far above pre-crisis levels” rejoiced the minister.
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