France records 5.5-billion-euro deficit in May foreign trade

08:34, July 08, 2010      

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France recorded a 5.5-billion-euro (6. 95-billion-U.S. dollars) deficit on trade balance sheet in May, the highest level since October 2008, according to data published Wednesday by French customs.

Month-on-month, the negative figure increased from a deficit record of 4.26 billion euros (5.38 billion dollars) in April. For the past 12 months, the cumulated trade deficit already climbed to 45,808 billion euros in total.

In May, French exports dropped to 29.89 billion euros, a 5.2 percent decline from April, while imports, totaling 35.39 billion euros, was only moderately flexed 400 million euros from 35.79 billion euros in April.

According to the official data, the amount of very large aerospace contracts was reduced by 1.5 billion euros comparing to that of April, heavily expanded the trade gap in May. Weak level of final delivery of airbus aircraft and satellite together brought down the exportation of aeronautical and space products to a much lower level.

This downturn, coupled with a shrinking supply of refined oil to European Union countries, caused a sharp drop in industrial exports in total. Before May, the French exportation had been steadily moving up successively for six months thanks to the economic recovery and the sharp drop of euro exchange rate against the dollar.

Exportation in other industrial sectors remains largely unchanged. There was a slight progress in the sale of automobile, electronic components, and mechanic equipment, besides, exportation of agriculture products made a light up-run to African region and its European neighbors.

Regarding importation, the industrial purchase remained stagnant, while there was a light rise in the natural hydrocarbon products, combined with consumer electronic products and refined oil products.



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