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Financial News: France Trade Gap Widens In May

France Trade Gap Widens In May

07/08/2022 - 06:24:00 (RTTNews)

(RTTNews) - France's trade deficit widened in May from April, data from the customs office showed on Friday.

Another report from the Bank of France showed that the current account deficit increased in May mainly due to the rising goods deficit.

The trade gap increased to EUR 12.99 billion from EUR 12.71 billion in April. In the same month last year, the shortfall was EUR 6.74 billion.

Exports gained 1.5 percent on a monthly basis and imports advanced 1.6 percent in May.

Year-on-year, exports logged an increase of 17.1 percent. At the same time, imports posted an annual growth of 28.9 percent. The current account deficit reached EUR 3.9 billion in May compared with EUR 2.7 billion in April, the central bank said. The goods trade shortfall rose to EUR 11.4 billion, while the services surplus fell to EUR 5.3 billion.

Primary and secondary income showed a surplus of EUR 2.2 billion compared to a EUR 1.8 billion surplus in April.

The financial account showed net capital inflows of EUR 5 billion. Portfolio investment recorded net investments abroad of EUR 54.2 billion, offset by net inflows in loans and borrowings of EUR 61.9 billion.

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