Amounting to 14.4 billion euros, it was boosted by the drop in gas and electricity imports.
The French trade deficit on goods decelerated in October to 14.4 billion euros, helped by a sharp decline in gas and electricity imports, customs said on Wednesday. The deficit for the month of September, for its part, was significantly revised downwards, to 14.9 billion euros against an initial record of 16.8 billion euros.
Imports fell by €900 million to €65.8 billion, while exports fell more moderately by €400 million to €51.4 billion. While the French deficit widened very sharply this year due to the energy bill linked mainly to the war in Ukraine, gas imports fell sharply in October, offering respite from the energy deficit. “The stocks were almost replenished at the end of September 2022, thanks to the filling campaign for the winter of 2022/2023”, indicate the customs about the gas. In addition, electricity imports in volume have fallen, particularly in industry, as have prices which fell sharply between September and October 2022, customs continue. After collecting records month after month this year, the French deficit is heading, despite the respite in October, towards a record year. Cumulatively over twelve months, it is already at 154.2 billion euros.
Read alsoIn Italy, a trade deficit of 9.5 billion euros in August
For the whole of 2022, the French government expects a negative balance of 156 billion euros, according to the documents of the finance bill for 2023. In 2021 the trade deficit was displayed at a historical record of 85 billion euros. As for the balance of payments, which includes trade in services, the current account deficit stood at 3.8 billion in October, against 7.3 billion euros the previous month, detailed the Banque de France on Wednesday.