PARIS: France had a trade deficit of 5.324 billion euros ($7.0 billion) in January, an increase of nearly 300 million euros from the deficit in December, data from the customs service showed on Thursday.
France has a big structural trade deficit which is a central concern to policymakers, and contrasts with a big surplus by the leading eurozone economy, Germany.
Comparisons with economic performance in Germany are becoming increasingly frequent, partly because the German economy is generally doing well despite the eurozone debt crisis and partly because France is in the midst of a presidential election campaign.
Among aspects of the economy featuring in the campaigning are the perceived weak competitiveness of French industrial companies and exporters, and what some say is an over-valuation of the euro.
A trade surplus is important because it contributes to growth of gross domestic product in an economy, while a trade deficit tends to be a drag.
The customs service said overall trade increased further at the beginning of the year but that this "recovery is slightly less evident for exports than for imports."
The service commented: "After the exceptional performances in November and December, deliveries by the aerospace sector eased moderately."
In January, exports amounted to 36.833 billion euros and imports to 42.157 billion euros on an adjusted basis.
By region, exports to the rest of the European Union (including the eurozone) rose slightly, while posting stronger gains to most other areas.
The customs service also revised upwards the amount of a record trade deficit in 2011 to 70.104 billion euros from 69.592 billion in a first estimate.
The deficit in 2010 had been 51.839 billion euros.
The previous record deficit was 56.2 billion euros in 2008.
Comments
Comments are closed for this article.