France’s trade deficit widened to €7.9 billion in February 2025, up from €6.5 billion in January and well above market expectations of €5.4 billion. This marks the largest trade gap since last September and highlights ongoing external imbalances amid a complex global economic backdrop.
France trade deficit exceeds forecasts
The widening was driven by a 2.4% month-on-month increase in imports to €57.5 billion, fueled by strong demand for publishing and communication products (+13.8%), transport equipment (+7.2%), and natural hydrocarbons (+5.2%)—suggesting robust domestic consumption and a rebound in industrial activity despite trade tensions.
Import growth was broad-based, with notable increases from all major trading partners: the Middle East (+15.7%) due to rising energy imports, the EU (+5.6%), Asia (+1.1%), and America (+0.8%). This reflects both higher volumes and prices in certain categories, as well as seasonal patterns and currency effects. The sharp rise in imports, however, was not matched by exports, which remained flat at €49.7 billion.
Export figures
On the export side, gains in agricultural, forestry, and fishing products (+8.7%) and natural hydrocarbons (+3.1%) were not enough to offset significant declines in transport equipment (-4.9%) and refined petroleum products and coke (-2.2%). Regionally, exports to the EU—France’s largest trading partner—fell by 1.4%, while shipments to the Middle East dropped 7.3%, likely due to heightened geopolitical instability and shifting demand patterns. However, exports to America (+8%), Asia (+4.4%), and Africa (+3.3%) provided some support, pointing to selective external demand resilience.
The trade data adds pressure on French policymakers, especially as the country continues to grapple with weak external competitiveness and rising energy costs. Economists note that while import strength may signal underlying economic momentum, the inability to boost exports amid a challenging global trade environment could weigh on overall growth in the coming quarters.
