France's trade deficit hits a nearly two-year high

In September 2026, France's trade deficit widened to 7.3 billion euros, compared to August’s revised figure of 6.0 billion euros and above the market expectation of 5.8 billion euros. This marks the largest deficit since October 2024. Imports rose by 4.0% month-over-month to 62.7 billion euros, mainly driven by refined petroleum products and coke (+24.1%), mined products, electricity and waste (+7.8%), as well as machinery, electrical, electronic and computer equipment (+3.4%). By source, imports from the Americas (+7.5%), Asia (+4.2%), and the EU (+2.5%) increased, while those from Africa (-5.9%) and the Middle East (-14.3%) fell. Exports rose at a more moderate pace, up 2.0% to 55.3 billion euros, primarily supported by transport equipment (+6.2%), agricultural, forestry and fishery products (+6.5%), and refined petroleum products (+36.8%). Exports of machinery, electrical, electronic, and computer equipment edged down 0.4%. By destination, exports to the Middle East (+41.5%), Africa (+8.9%), and the EU (+0.9%) increased, while shipments to Asia (-1.9%) and the Americas (-1.4%) declined.