France’s trade deficit widened sharply to €8 billion in April 2025 from an upwardly revised €6.3 billion in March, significantly exceeding market expectations of a €6 billion gap. This marked the country’s largest trade shortfall since September 2024, highlighting renewed pressure on France’s external balance amid faltering global demand and volatile energy markets.
France trade deficit largest in seven months
The deterioration was primarily driven by a broad-based decline in exports, which fell by 5.9% month-over-month to €49.3 billion. The drop was especially pronounced in energy-related and industrial goods, with overseas sales of refined petroleum products and coke plunging by 17.6%, and transport equipment—traditionally a key export sector for France—falling by 17.4%. Declines were also observed in chemical products and machinery, reflecting softer external demand and ongoing supply chain challenges.
Geographically, exports declined across nearly all major regions. Shipments to the European Union—France’s largest trading partner—dropped 3.2%, while exports to the Americas (-5.3%), Asia (-5.4%), and Africa (-1.9%) also contracted. Only the Middle East registered growth, with exports rising by 4%, likely supported by defense and aerospace-related sales.
Import details
On the import side, total inflows fell by 2.4% to €57.2 billion, driven largely by a sharp reduction in purchases of natural hydrocarbons (-20.8%) and refined petroleum products and coke (-11.3%). This decline reflects both lower energy prices and seasonal fluctuations in demand. Despite the overall contraction, imports from the Americas rose 1.9%, possibly due to increased demand for agricultural goods or high-tech equipment. Imports from other regions, including the EU (-0.6%), Africa (-10.8%), Asia (-4.1%), and the Middle East (-1.3%), were down.
The widening trade gap underscores ongoing structural vulnerabilities in France’s external sector, particularly its reliance on energy imports and sensitivity to shifts in global industrial activity. It also highlights the challenges facing French exporters amid a slowing global economy and persistent geopolitical uncertainties. Analysts will be watching upcoming trade and industrial production data closely for further signs of strain or stabilization.
