This is a historic deficit for the French trade balance in the first half of 2022. It amounts to 71 billion euros for the first half of 2022, against 51 billion in the second half of 2021. The symbolic bar of 100 billion euros of deficit should therefore logically be reached at the end of 2022.
The cause of this poor result is to be found in the surge in energy prices, in the context of the war in Ukraine. This oil and gas shock “explains by itself the deterioration of our trade deficit”said Minister Delegate for Foreign Trade Olivier Becht, during the presentation of these results.
Exports of agricultural products up sharply
Energy prices have almost multiplied by 5 since March 2021. “Under the effect of the explosion in energy prices, the energy bill reached a new record, rising from 27 billion euros in the second half of 2021 to 48 billion euros in the first half of 2022”, indicates the State Secretariat for Foreign Trade. The depreciation of the euro against the dollar did not help, increasing the price of imported energy supplies.
Certain sectors, such as the automotive and aerospace sectors, also continue to be penalized by supply pressures. However, these difficulties remain offset by the good performance of a few sectors which are experiencing good growth.
This is the case of the agricultural and agri-food sector, where exports increased by 25% between the second half of 2021 and the first half of 2022. In a context of soaring prices for agricultural raw materials in recent months, France is benefiting from its position as the leading producer and exporter of cereals in the European Union.
French wine is welcome again in the United States
The improvement in trade relations with the United States, which have been very clear since the end of the Donald Trump presidency, has in particular made it possible to relaunch exports of wines and spirits to the United States. The surplus on agricultural and agri-food products amounts to 4.5 billion euros for this first half of 2022. And the depreciation of the euro against the dollar benefits French products on the American market.
Finally, the tourism sector is experiencing an upturn and is seeing its surplus exceed its pre-crisis level, thanks to the return of European and American tourists this spring.