Le Monde | • Updated | By
The French trade deficit narrowed in 2014 for the third consecutive year. After beating historical records in 2011 (- 74.5 billion euros), the balance has been reduced to – € 53.8 billion in late December, a decrease of 7 billion euros (11.5% ) compared to 2013, according to customs statistics, made public Friday, February 6.
There is therefore the better, even if, in absolute value, the amount of French trade deficit pales compared to German surplus: in 2013, he had gone through the roof and curled 200 billion, its highest level since 1950. The last French annual trade surplus was in 2002 …
And if. excluding energy, the deficit increased by almost 35% to 16.7 billion euros, the three consecutive years to reduce the French trade balance are nevertheless mark a milestone because they thin the French economy, previously bleak. Like just did the European Commission in revising upwards its growth forecast (+ 1%) for France.
France’s global market share has stabilized at 3.1% of world trade, including through increased exports to China and South Korea, despite a decline in sales to Brazil, India, Russia and Turkey.
Bridging the gap is not a commitment
In late November 2014, the Secretary of State for Foreign Trade, Matthias Fekl had reported that, in a context “difficult” , he could not commit to reduce the trade deficit by 2017, as the government of Jean-Marc Ayrault had taken commitment at the beginning of the quinquennium Hollande
See also decryption. Why reducing the French trade deficit is not necessarily good news
However, it does not exaggerate the extent of the improvement in 2014, which owes much to the dramatic decline in oil prices: oil prices dropped nearly 60% since the summer, due to oversupply and demand less vigorous, due to economic slowdown in China and weak growth in the eurozone.
This fall in the price of black gold, reducing the deficit of the French exchange ‘natural hydrocarbons, translated in French imports, which started to decline in November 2014.
French total imports dropped by 1.6% throughout the year to 491.1 billion euros.
In mid-January, the director of COE-Rexecode Denis Ferrand, had sought to calculate the amount of the reduction in the oil bill from 87 billion of imports of crude and refined oil products in 2013.
Assuming an average oil price of 82 euros in 2013, 75.20 euros and 45 euros in 2014 in 2015, it was estimated that the oil bill of France decrease by “5 billion euros in 2014″ – that is probably minimal – and “17-22000000000 in 2015.”
In the end, the total energy bill is lightened 10.9 billion last year, according to Customs.
Strong deliveries in the aerospace
After a sluggish start to the year, French exports have, meanwhile, recovered gradually in the second half of 2014. Over the year it increased by 0.1% to 437.3 billion euros.
They have benefited from the decline of the euro, which has lost over 17% against the dollar since May 2014, after two years of higher
Read also:. Euro Decline: Some companies will win, others not
The strengths of the French specialization does not change. transport equipment, agricultural products, certain luxury goods products (clothing, jewelery and jewelery, perfumes and cosmetics, watches)
The food and pharmaceutical sectors, however, clear lower surplus in 2013.
The excess chemicals, perfumes and cosmetics “increased by more than 15%” , to 10.8 billion euros and aerospace generated “a new record surplus” , 23.6 billion euros, noted Matthias Fekl
The deliveries of Airbus who were excellent in October neared their record of March 2013 (2.88 billion) in November. A month that also saw a satellite into orbit on behalf of Malaysia for $ 102 million
Read also:. Airbus beats his record aircraft deliveries in 2014
This fall, however, the pharmaceutical sales and exports of metal and metal products played yoyo, while agricultural exports crumbled.
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