Why the trade deficit is exploding, despite the recovery

VS’is a sad record. In 2021, France recorded a deficit of 84 billion euros in its trade balance, i.e. the difference between the value of exports and that of imports of goods, according to figures collected by customs. This deficit widened by 20 billion compared to 2020, the year of an acute health crisis due to the coronavirus, to reach 3.4% of GDP.

This poor result is partly explained by the increase in the energy bill, which reached 43.1 billion last year after 25.2 billion in 2020, an increase of nearly 18 billion euros. Excluding energy and military equipment, the fall is a little less heavy since it reaches 8.4 billion euros between 2020 and 2021, with a deficit of nearly 65 billion.

This deficit…