France's Trade Deficit Worsens in Second Quarter Amid Energy Shock

France's trade balance continued its downward trend, with the deficit expanding by 4.6 billion euros in the second quarter of 2026 compared to the previous quarter. This brought the total deficit for the period to 19.2 billion euros, according to customs figures released on Friday. Over a rolling twelve-month period, the deficit has reached 59.9 billion euros.

The Ministry of Foreign Trade, represented by Nicolas Forissier, attributed the worsening trade balance primarily to an "energy shock linked to geopolitical tensions," rather than a decline in French competitiveness. Total imports increased by 5.5% from the previous quarter, reaching 181.1 billion euros.

While the trade balance with the Middle East improved due to reduced imports from the region, likely influenced by blockades in the Strait of Hormuz, the deficit grew with other producing nations that have stepped in to fill the supply gap. These include the United States, Kazakhstan, the United Kingdom, Algeria, Angola, Nigeria, and Libya.

Beyond oil and gas, imports of IT products and pharmaceuticals also contributed to the deficit. Despite these challenges, exports saw a growth of 3.1%, reaching 162.5 billion euros. A significant portion of this export growth, nearly 40%, is attributed to increased sales in the aeronautics and space sectors, highlighting a dynamic area within the French economy.

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The deterioration of the balance of goods results above all from an energy shock linked to geopolitical tensions, and not from a weakening of our competitiveness.