The French trade balance improved by €200 million in October compared to the previous month. Euronews Business breaks down the latest economic data.
ADVERTISEMENTFrance's trade deficit narrowed to €8.6 billion in October 2023 from €8.87 billion the previous month due to a lower energy bill, according to the French Ministry of Economy and Finance.
Overall imports rose by 0.6% to €58.3 billion compared to September, while exports surged by 1.2% to €49.7 billion. However, the ministry's 3-month moving average figures show a slight decline in both exports and imports.
The energy bill came down to €5 billion from €5.4 billion in September, due to a drop in imported volumes, according to the Ministry.
Excluding energy, the trade deficit increased to €5.6 billion from €5.4 billion in September.
The services sector had a surplus of €2 billion in October, following €2.6 billion the previous month, according to data by the French Central Bank Banque de France released on Thursday.
In total, France’s current account deficit (an indicator that includes goods, services, income, and current transfers) edged up to €2.9 billion in October, a slight increase from September's €2.8 billion.
The current account in France is expected to increase further by the end of the year. The International Monetary Fund (IMF) projects that to swell to $37.506 billion (€34.806 billion), the equivalent of 1.2% of the Gross Domestic Product (GDP) in 2023.
