Monthly trade deficit improves slightly

The customs statistical service reported on October 7 that France’s trade deficit for August 2026 was 6.1 billion euros, an improvement of 0.5 billion euros compared to July. This improvement was mainly due to a decrease in imports, which fell by 0.9 billion euros, compared to a 0.4 billion euro drop in exports.

Annual trade deficit worsens

Looking at the twelve-month period from September 2025 to August 2026, France’s exports totaled 639.6 billion euros, while imports reached 702.2 billion euros, resulting in a cumulative deficit of 62.7 billion euros. This is a worsening compared to the same period in 2025, when the deficit was 65.5 billion euros.

Export decline driven by transport equipment

Transport equipment accounted for most of the decline in exports in August, with sales dropping by 0.6 billion euros. Aerospace and space products alone saw a decrease of 0.4 billion euros, and the decline mainly affected deliveries to the United Arab Emirates, Qatar, and Saudi Arabia. Exports to the Middle East and North Africa dropped by 1 billion euros over the month.

Aerospace and space sector remains in surplus

Despite the decline in exports, the aerospace and space sector remained in surplus in August. France exported 5.9 billion euros worth of products in this sector, compared to imports of 3.4 billion euros. However, these figures exclude military equipment and include the cost, insurance, and freight in import values, making them different from overall trade balances.

Some sectors show resilience

Over a longer period, the aerospace and automotive sectors saw declines, with balances worsening by 1.3 billion euros and 1.5 billion euros, respectively. However, other sectors like chemicals, perfumes, and cosmetics showed improvement, with exports totaling 6.6 billion euros in August. Their commercial balance remained in surplus by 1.3 billion euros.

Energy trade reflects price and volume shifts

Customs data highlights that trade figures combine the effects of both quantity and price changes. For example, in August, the decrease in natural hydrocarbon imports was due to lower volumes, even though prices increased. Similarly, exported gas saw volume declines outweighing price increases.

Trade with major partners shows mixed trends

Exports to the United States and the European Union increased in August, while sales to Asia, particularly Japan, declined. Trade with China, including Hong Kong, showed contrasting trends, with exports rising by 2.4 billion euros but imports increasing even more, by 3.3 billion euros. This highlights shifting trade patterns and regional dynamics.