France is a major actor in global trade. It is the world's ninth exporter and seventh importer of merchandise (WTO), and trade represents 73% of its GDP (World Bank, latest data available). France exports essentially aircraft, pharmaceutical products, vehicles, food products (wine), turbines and beauty products; while it imports hydrocarbons, vehicles, pharmaceutical products and telephones (Comtrade). In 2022, energy import prices surged by 2.1 times compared to the prior year, attributed to heightened energy supply costs and the euro's depreciation against the dollar, resulting in a more than twofold increase in the energy bill. Gas imports soared by 248% to EUR 59 billion, crude oil jumped by 99% to EUR 33 billion, and petroleum products climbed by 60% to EUR 38 billion. As per exports, agricultural products have demonstrated one of the strongest performances with a 37% increase; while automobile exports have rebounded to nearly 97% of 2019 levels. Additionally, France's traditional export sectors have all recorded surpluses: aviation (+EUR 23.5 billion); perfumes and cosmetics (growing by EUR 2 billion to reach +EUR 15 billion); beverages (increasing by EUR 16 billion); and the pharmaceuticals sector (adding EUR 3 billion – data INSEE).
In terms of countries, the main exports destinations in 2022 were Germany (13.7%), Italy (9.2%), the United States (7.9%), Belgium (7.9%), Spain (7.6%), the United Kingdom (5.7%), and the Netherlands (4.2%), whereas imports came chiefly from Germany (13.7%), Italy (9.2%), the United States (7.9%), Belgium (7.9%), Spain (7.6%), and the United Kingdom (5.7% - data Comtrade).
France registers a strong structural trade deficit. Nevertheless, while the goods balance is structurally in deficit as the country is a net energy importer, the services balance is in surplus thanks to tourism revenues. According to WTO data, in 2022, France exported goods with a total value of USD 617.8 billion (+5.6% y-o-y), while it imported for USD 818.2 billion (+14.4% y-o-y). As for the services, France exported around USD 337.1 billion (+11.9% y-o-y), while imports stood at USD 285.8 billion (+10.6% y-o-y). The overall trade balance was estimated to be negative by 3.9% of GDP by the World Bank (from 1.9% one year earlier). According to the latest data published by INSEE, in the first semester of 2023, goods exports decreased slightly (-0.8% compared to the second half of 2022), while imports saw a more significant decline (-9.4%). Despite this, trade volumes increased notably, with goods and services exports rising by 2.6% in the second quarter of 2023 compared to the first quarter, while imports stabilized with a 0.4% increase. France's exchanges with the rest of the world improved, resulting in a EUR 30 billion reduction in the deficit of the current account for the first half of 2023 (to EUR -9.6 billion).
Source:World Bank- Latest available data.
FAQs
According to WTO data, in 2022, France exported goods with a total value of USD 617.8 billion (+5.6% y-o-y), while it imported for USD 818.2 billion (+14.4% y-o-y).
What country does France trade with the most? ›
France top 5 Export and Import partners
| Exporter | Trade (US$ Mil) | Partner share(%) |
|---|
| Germany | 119,891 | 16.77 |
| Belgium | 76,281 | 10.67 |
| Netherlands | 63,548 | 8.89 |
| Italy | 59,444 | 8.32 |
1 more rowOverview In 2022, France was the number 7 economy in the world in terms of GDP (current US$), the number 8 in total exports, the number 5 in total imports, the number 26 economy in terms of GDP per capita (current US$) and the number 16 most complex economy according to the Economic Complexity Index (ECI) .
Is France in a trade surplus or deficit? ›
France's trade deficit widened to €7.6 billion in April 2024, compared to March's downwardly revised and market forecasts of €5.4 billion. It was the largest trade deficit since October 2023, as exports dropped 1.7% month-over-month to €51.2 billion, while imports rose 2.3% to €58.8 billion.
What is France's view on trade? ›
The Government supports a balanced trade policy which ensures the access of French businesses to foreign markets but preserves collective sensitivities and preferences and promotes compliance with the Paris Agreement.
What is France's top 5 exports? ›
List of exports of France
| # | Product | Value |
|---|
| 1 | Aircraft, helicopters, and spacecraft | 43,972 |
| 2 | Pharmaceuticals | 26,164 |
| 3 | Cars | 23,598 |
| 4 | Gas turbines | 18,875 |
26 more rowsFrance: TOP Industries 6,485,863 registered companies
| Industry, Number of Companies | Number of Companies | Market Share |
|---|
| Finance, Insurance, and Real Estate 2,712,179 41.8% | 2,712,179 | 41.8% |
| Services 2,091,610 32.2% | 2,091,610 | 32.2% |
| Retail Trade 562,676 8.7% | 562,676 | 8.7% |
| Construction 353,108 5.4% | 353,108 | 5.4% |
7 more rowsThe extraordinary debt levels across the major economies in the world pose a risk to France, too, as it faces the threat of an austerity budget which directly impacts the financial health of households and consumers. The shortage of labour is one of the most common challenges of the economic sector in France.
Which country visits France the most? ›
The largest number of visitors come from the United Kingdom and Germany, and other popular countries include the United States, China, and various African countries.
- UK - 14.8%
- Germany - 13.7%
- Belgium/Luxembourg - 13%
- Italy - 7.8%
- Switzerland - 7.8%
What is France's main economic sector? The main economic sector in France is the services sector, which accounts for about two-thirds of GDP. This includes activities such as retail, tourism, financial services, and government spending. However, industry also plays an important role in the economy.
France is also a major importer, especially of machinery, chemicals and chemical products, tropical agricultural products, and traditional industrial goods such as clothes and textiles.
What is the foreign debt of France? ›
France Key Series
| country/region | Last |
|---|
| External Debt (USD mn) | 7,806,404.8 Mar 2024 |
| External Debt: % of GDP (%) | 244.9 2023 |
| External Debt: Short Term (USD mn) | 3,530,835.7 Mar 2024 |
| External Debt: Short Term: % of GDP (%) | 109.7 2023 |
58 more rowsAccording to WTO data, in 2022, France exported goods with a total value of USD 617.8 billion (+5.6% y-o-y), while it imported for USD 818.2 billion (+14.4% y-o-y).
Who is France's biggest trading partner? ›
France's Top Trading Partners
- Germany: US$86.7 billion (13.7% of total French exports)
- Italy: $56.6 billion (8.9%)
- Belgium: $51.6 billion (8.1%)
- Spain: $48.1 billion (7.6%)
- United States: $47.5 billion (7.5%)
- United Kingdom: $39.2 billion (6.2%)
- mainland China: $27 billion (4.3%)
- Netherlands: $24.5 billion (3.9%)
The economy of France is a highly developed social market economy with notable state participation in strategic sectors. It is the world's seventh-largest economy by nominal GDP and the ninth-largest economy by PPP, constituting around 4% of world GDP.
Why is France successful in trading business? ›
France has an educated population, first-rate universities, and a talented workforce. It has a modern business culture, sophisticated financial markets, a strong intellectual property rights regime, and innovative entrepreneurs and business leaders.
Which country trades the most in the world? ›
The United States is the 2nd largest goods exporter in the world, behind only China. U.S. goods exports to the world totaled $2.1 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021.
Which country trades the most in Europe? ›
Among the EU Member States, Germany had by far the highest share of extra-EU trade in 2023, contributing 28 % of the EU's exports of goods to non-EU member countries and accounting for almost one-fifth (19 %) of the EU's imports (see Figure 3).
How much does France trade with the US? ›
France and the United States traded $153.8 billion of goods and services in 2022- up 32% from 2021- its highest-ever level in value. [1] In 2022, the United States was the largest foreign investor in France, and France the fifth largest investor in the United States.
