Trade & External Balance
What France sells to the world, what it buys, and why the trade deficit tells the story of French deindustrialization.
Goods balance — 2025-Q3
-14.2bn €
Current account — 2025-Q3
-4.8bn €
Goods + services + income — tourism partially offsets the goods deficit
Goods Trade Balance
Exports minus imports of physical goods, in millions of euros per quarter. A persistent deficit means France buys more goods than it sells — driven by energy imports (oil, gas) and consumer goods. Aerospace (Airbus) and agriculture are the main export strengths.
Current Account Balance
The full picture: goods + services + investment income. France's enormous tourism industry generates a services surplus that partially offsets the goods deficit.
The Deindustrialization Story
France's goods trade deficit has widened dramatically over the past two decades. Manufacturing has shifted to lower-cost countries, and France's industrial base — once a European powerhouse — now accounts for only about 14% of GDP (vs. ~23% in Germany). Energy imports (oil, gas) are the single largest driver of the deficit. On the bright side, France runs a strong services surplus, powered by tourism (world's #1 destination), luxury goods consulting, and financial services. The net result is a current account that fluctuates around zero — not catastrophic, but a far cry from Germany's massive surpluses.