The deficit widened to 84.7 billion euros, customs reported.

A figure significantly higher than the previous record of 2011, which was 75 billion.

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.

But the government assures that all is not gloomy in France's foreign trade.

"There are positive points too, especially on the balance of payments, that is to say when we integrate the services, which are doing very well", declared on France Inter the Minister of the Economy Bruno Le Maire.

The Banque de France reported a current account deficit in 2021 at 25.8 billion euros, or 1% of gross domestic product (GDP).

This figure certainly represents an improvement compared to 2020 (-43.7 billion) but also a deterioration compared to 2019, when the current account deficit was still limited to 7.1 billion.

Hydrocarbon trains at Sibelin station in Lyon on March 13, 2017 JEAN-PHILIPPE KSIAZEK AFP / Archives

Foreign Trade Minister Franck Riester said during a press briefing that "it is important to look at the full 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.

– 100 billion in 2022 –

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 Mr. Riester.

The container terminal at the port of Fos-Sur-Mer, near Marseille, July 23, 2020 CLEMENT MAHOUDEAU AFP / Archives

Bruno Le Maire for his part questioned "the industrial weakening over the past 30 years".

"This is the subject that we began five years ago to redress with the President of the Republic, by creating a more favorable tax environment, by lowering production taxes, by training and qualifying employees for new industrial professions" , assured the Minister of the Economy.

Mr. Riester also pointed out that the number of French exporters had reached 136,000 at the end of September, the highest figure in 20 years, even if France remains far behind Germany and Italy in this area.

But French exports remained in 2021 2% lower than their pre-crisis level and their growth is due for two thirds to that of prices, detail the customs.

"At the same time, exports from our main European partners exceeded their pre-crisis level, by 3% to 9% depending on the country", still according to customs.

France's trade deficit could also continue to widen in 2022.

"The impact of energy prices in the year 2022 is believed to be just as heavy or even heavier than in 2021," Riester said.

For this reason "in 2022, the trade deficit should increase and could reach the 100 billion euro mark", estimates Stéphane Colliac, economist at BNP Paribas.

In addition, among France's main trading partners, "we have high inflation, which will again lead to imports which will increase in value", explains Charlotte de Montpellier, economist for ING bank.

On the positive side, however, "there will still be a catch-up effect that will take place in the coming months on exports", especially in aeronautics, according to her.

But this catch-up will be "insufficient" to prevent a further deterioration in the trade balance, according to Mr. Colliac.

© 2022 AFP