Financial News: French Trade Gap Narrows To EUR 8.02 Bln

French Trade Gap Narrows To EUR 8.02 Bln

05/09/2023 - 04:23:00 (RTTNews)

(RTTNews) - France's foreign trade deficit decreased at the end of the first quarter as imports fell faster than exports, data from the customs office showed Tuesday.

The trade deficit dropped to EUR 8.02 billion in March from EUR 9.3 billion in February.

In the corresponding month of 2022, the deficit totaled EUR 13.6 billion.

Exports decreased 1.2 percent from the previous month, and the fall in imports was 3.1 percent.

On a yearly basis, exports were 7.2 percent higher in March. At the same time, imports registered a comparatively slower increase of 3.7 percent.

During the first quarter, total exports and imports fell by 1.6 percent and 7.4 percent, respectively.

Elsewhere, data from the Bank of France showed that the current account deficit decreased sharply in the March quarter due to the reduction in the energy bill.

The current account deficit narrowed to a seasonally adjusted EUR 2.8 billion in the first quarter from EUR 20.5 billion in the fourth quarter.

The goods trade deficit dropped to EUR 22.8 billion from EUR 35.8 billion, as the energy bill shortfall was reduced to EUR 19.2 billion from EUR 28.1 billion in the previous quarter.

Meanwhile, the services surplus rose to EUR 10.2 billion in the first quarter from EUR 9.4 billion in the December quarter.

In the first quarter, the financial account balance recorded net capital inflows of EUR 12.9 billion.

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