France recorded the worst trade deficit in its history in 2021, amounting to 84.7 billion euros, customs announced today.
The balance of trade was mainly burdened by “energy and to a lesser extent by processed products”, the customs clarified in their announcement.
The deficit deterioration is explained by “a larger increase in imports (+ 18.8% after -13% in 2020) than in exports (+ 17% after -15.8% in 2020)”, according to with the same source.
So far, the biggest trade deficit was recorded in 2011, at 75 billion euros.
Foreign Trade Minister Frank Riste told reporters that “it is important to look at the whole table of our business activity”, noting in particular a “record surplus of services, at 36.2 billion euros”.
“In terms of the balance sheet, the deterioration is mainly due to the burden on the energy account of 17.9 billion euros,” he added.
Moreover, “strong export sectors are still below their level of 2019”, such as the aeronautics that returned only to 57% of its pre-health level, the minister points out.
Finally, the deficit is explained by the momentum of the recovery, as the French economy grew by 7% last year, which “affected the import of consumer goods, industrial tools produced abroad,” according to Riste.
Source: AMPE
Source: Capital
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