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Financial News: France Trade Gap Widens In July

France Trade Gap Widens In July

09/08/2022 - 08:23:00 (RTTNews)

(RTTNews) - France's trade deficit more than doubled in July from the last year on surging imports of energy, data released by the customs office showed Thursday.

Elsewhere, data from the central bank also showed a sharp increase in the current account shortfall in July due to high energy bills.

The trade deficit increased to EUR 14.53 billion in July from EUR 13.08 billion in June. In the same period last year, the shortfall was EUR 7.3 billion.

Exports logged an annual growth of 20.2 percent in July. At the same time, imports grew more markedly by 32.1 percent.

Month-on-month, exports dropped 2.3 percent, while imports gained 0.5 percent in July.

Elsewhere, data from the Bank of France showed that the current account deficit increased sharply in July on energy bills.

The current account deficit rose to a seasonally adjusted EUR 5.3 billion in July from EUR 1.5 billion in June.

The goods deficit widened to EUR 12.8 billion from EUR 10.4 billion in June, mainly driven by the increase of the energy bill. Moreover, the services surplus fell to EUR 5.6 billion in July against EUR 7.1 billion in June.

The financial account showed net capital outflows of EUR 12.7 billion. Portfolio investment recorded net investments abroad of EUR 60.5 billion, offset by net inflows of loans and borrowings of EUR 41.1 billion.

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