France has a trade deficit of 84.7 billion euros in 2021, a historic record

Aurélien Fleurot, with AFP 7:16 p.m., February 08, 2022

France recorded in 2021 the worst trade deficit in its history, at 84.7 billion euros, customs reported on Tuesday.

The balance of trade is weighed down mainly "by energy, and to a lesser extent, by manufactured products", specify the customs in their press release.

The worsening of the deficit is explained "by a more marked rebound in imports (+18.8% after -13% in 2020) than in exports (+17% after -15.8%)", explains this same source.

Until then, the largest trade deficit was recorded in 2011, with 75 billion euros.

A deterioration due in part to "the increase in the energy bill"

Foreign Trade Minister Franck Riester said during a press briefing that “it is important to look at the picture of our commercial activity” pointing in particular to a “record surplus in services, at 36.2 billion euros”.

"With regard to the balance of goods, the deterioration is mainly due to the increase in the energy bill of 17.9 billion euros", he further indicated.

In addition, "strong export sectors are still below their 2019 level", such as aeronautics which has only returned to 57% of its level before the health crisis, points out the minister.

Finally, the deficit is explained by the strength of the recovery, while the French economy recorded a growth of 7% last year, which "affected the imports of consumer goods, industrial tools produced at abroad", according to Franck Riester.