A u.s. business sells milk to consumers in france

France is a major actor in global trade. It is the world’s ninth exporter and seventh importer of merchandise (WTO, 2020), and trade represents 58% of the country’s GDP (World Bank, 2020). France exports essentially aircrafts, vehicles, pharmaceutical products, food products (wine), hydrocarbons and electronic components. The country imports many consumer goods, vehicles, hydrocarbons and pharmaceutical products. After collapsing in 2020 due to the COVID-19 pandemic, trade volumes rebounded in 2021. According to IMF data, the volume of exports of goods and services increased by 7.5% compared to 2020, and the volume of imports increased by 8%. The IMF expects the volume of exports to continue increasing in 2022 (+7%) and 2023 (+4.5%), at a slightly faster pace than imports, which are forecast to increase by 6% in 2022 and 3.5% in 2023.

France’s main trade partners are the European Union (Germany being the 1st customer and supplier), the United States and China. The departure of the UK from the EU (Brexit) raises many questions and may lead to a reorganisation of trade relations. The UK is currently France’s 6th customer and 8th supplier.

France registers a strong structural trade deficit. While the goods balance is structurally in deficit as the country is a net energy importer, the services balance is in surplus thanks to tourism revenues. According to WTO data, in 2020, France exported goods with a total value of USD 488.4 billion, while it imported them for a total value of USD 582.6 billion. As for the services, France exported around USD 245 billion worth services in 2020, while it imported services for the total value of USD 231.6 billion. Since 2015, the balance of goods and services excluding energy has become negative, as the deficit in manufactured goods continues to widen, mainly due to the relocation of automobile production and investment in imported machinery. Imports are developing quickly, as the French population buys a substantial amount of imported goods, which are sold at cheaper prices on the local market compared with products that are ‘Made in France’. Despite the government’s efforts to favour innovation, French exports have a relatively low added value. In 2020, the trade deficit excluding services reached USD 71.3 billion (World Bank, 2020). According to the latest data published by INSEE (Points de Conjoncture, December 2021), in 2021 exports of goods and services increased by 8.4% compared to 2020, while imports increased by 6.5%. If the aeronautics sector remained affected by the air transport crisis, cosmetics, leather goods and wines and spirits experienced a solid recovery in the first half of 2021, driven by the Chinese and American demand (Coface).

International Economic Cooperation France is a member of the following international economic organisations: ICC, European Union, WTO, European Economic Area, G-5, G-7, G-8, G-10, G-20, IMF, OECD, among others. For the full list of economic and other international organisations in which participates France click here. International organisation membership of France is also outlined here. Free Trade Agreements The complete and up-to-date list of Free Trade Agreements signed by France can be consulted here.

Main Partner Countries

Source: Comtrade, Latest Available Data

Main products

Source: Comtrade, Latest Available Data

To go further, check out our service Import/Export Flows.

Main Services

Source: United Nations Statistics Division, Latest Available Data

Monetary Indicators 20162017201820192020 Euro (EUR) – Average Annual Exchange Rate For 1 GBP 1.271.141.131.111.12

Source: World Bank – Latest available data.

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