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Financial News: French Current Account Deficit Widens On Goods Trade

French Current Account Deficit Widens On Goods Trade

03/06/2020 - 05:05:00 (RTTNews)

(RTTNews) - The French current account deficit increased in January on widening visible trade shortfall, data from the Bank of France showed Friday.

The current account deficit widened to EUR 2.8 billion in January from EUR 0.3 billion in December.

The trade in goods resulted in a shortfall of EUR 5.3 billion versus a deficit of EUR 1.9 billion in December. Meanwhile, the surplus on services increased to EUR 2.4 billion from EUR 1.6 billion.

The surplus on primary and secondary income totaled EUR 0.1 billion.

In the financial account, the direct investment balance stood close to zero, while portfolio investments recorded net capital outflows offset by net inflows due to loans and deposits.

Data from the French customs office showed that the trade deficit increased as exports declined amid an increase in imports. The trade deficit increased to EUR 5.88 billion in January from EUR 3.72 billion in December.

Exports dropped 4 percent on month to EUR 40.34 billion. Meanwhile, imports increased 1.1 percent to EUR 46.23 billion.

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