France at a glance
France is a country in northwest Europe that is also referred to as French France, the French Republic, or République Française. France, one of the most influential countries in Western history and culture, has played a key role in world events and has had former colonies all over the world. France has historically provided a geographical, linguistic, and economic bridge between northern and southern Europe. Its borders are the Atlantic and Mediterranean Seas, the Alps, and the Pyrenees. It is one of the world's leading industrial nations and Europe's top agricultural producer. In this exclusive article, we will discuss the import-export trade statistics of France in the year 2022, according to the France trade data and the France export data.
Trade statistics on the Import-export data of France
The most recent report on France's foreign trade for 2022 has been released by the French Customs and the France trade data. A fantastic chance to analyze the main import/export statistics for France and to give importers and exporters new opportunities. The current account balance is now negative, with a difference of -53.5 billion euros, after being positive in 2022 at +9 billion euros, according to the France trade data’s most recent annual report. Even with excellent service delivery and a sizable cash surplus, the additional cost of the energy bill cannot be covered. In just one year, the trade imbalance grew by 78 billion euros, setting a record at -164 billion euros. The energy cost is directly responsible for 86% of this deterioration as per the France trade data.
French Exports and Imports of 2022
In 2022, France's goods trade deficit with total 164 billion euros, or 7% of GDP according to the France trade data. With energy prices of 115 billion euros (compared to 45 billion in 2021), the energy crisis is the main factor contributing to this imbalance. This crisis accounts for 86% of the increase in our trade deficit from the previous year as per the France export data. Because to the situation in the Ukraine, inflation, supply disruptions, the cost of raw materials, etc., France has been compelled to purchase raw materials on a vast scale at drastically increasing rates. Since 2019, the amount of imported electricity has increased by 42. The deficit is 59 billion dollars just in gas. The services sector, on the other hand, is doing well. Unfortunately, the 50-billion-euro surplus in services and the 31 billion euro increase in income were not enough to make up for the goods trade deficit. After increasing by 14.7% in 2021, the growth of the services trade accelerated in 2022 (+20.8%). However, the goods balance declined in 2022, going from a deficit of -EUR 134.4 billion in 2021 to -EUR 67.9 billion in 2022 according to the France trade data. France's energy cost is the primary cause of this deterioration.
Key figures for France's exports and imports
· 144,400 French enterprises are exporting, making France the sixth-largest exporter of goods and services in the world according to the France export data
· 2022 saw a €594.5 million increase in exports over 2021.
· Imports totaled €758.1 million in 2022, an 18.8% increase over 2021.
· Goods trade deficit: €163.6 million
Major clients of France
· (€80,3 million) Germany
· Italy (54,2 million euros)
· America (€48 million)
· Belgium ($45,5 million)
Be mindful that the European Union receives 55% of French exports.
The major suppliers to France
· (€92.5 million) Germany
· (77.7 million euros) China
· Belgium (68,7 million euros)
· USA (61.5 million euros)
Top 5 exports from France
· Space and aviation (23.5 million euros)
· Cosmetics, fragrances, and chemicals (11.9 M €)
· (€10.3 million) Food processing
· Pharmacy (2.9 million euros)
The primary sectoral shortfalls
· (115.3 M euros) Energy
· Equipment (43.5 million euros)
· Vehicles (19.9 M €)
· Metalworking (15,9 M euros)
Services exports and imports
· Services exported for 310.1 M€ (+21.9%).
· Services imported: 260,2 M € (+19,4%)
The balance between service exports and imports
· Services trade surplus: 49,9 million euros (+19,4%)
Top Imports from France in 2022
According to the France import data, the top 10 categories for imports into France in 2022 were:
1. machinery (12.5%),
2. vehicles (11.5%),
3. electrical machinery & equipment (9.4%),
4. mineral fuels & oils (6.9%),
5. pharmaceutical products (5.0%),
6. plastics & articles (3.9%),
7. optical, photographic, and medical equipment (3.5%),
8. organic chemicals (2.5%),
9. aircraft, spacecraft & parts (2.2%),
10. optical, photographic, and medical equipment (1.9%).
According to data on shipments into France, the top 10 imports in 2022 represented 59.3% of the total value of shipments arriving in the nation using all modes of transportation. Only one major product category, French imports of medicines, with their 14.5% increase year over year, showed a value fall in trade statistics for France. Mineral fuels, including oil, led the categories that experienced declines (down -40%), followed by aircraft and spacecraft (down -37.1%) and then machinery, including computers as per the France trade data.
Top Exports from France in 2022
The top 10 exports from France in 2022, according to an analysis of France export data, were:
1. machinery (11.4%),
2. vehicles (9.3%),
3. electrical machinery and equipment (8.1%),
4. pharmaceutical products (7.9%),
5. aircraft, spacecraft & parts (6.1%),
6. plastics & articles (4.0%),
7. essential oils & resinoids (3.7%),
8. beverages, spirits & vinegar (3.6%),
9. optical, photographic, and medical equipment (3.3%),
10. miscellaneous chemical products (2.6%).
According to the France export data, the top 10 export items made up 60% of the total value of shipments that left the nation in 2022 via all means of transportation. According to France trade data, the only significant category that had a rise in export sales from 2019 to 2022 was medicines (up 6.7%).
France's economy has declined in complexity over the past 20 years, falling from the 10th to the 15th spot in the ECI ranking. These rankings of economic complexity are based on exports with six digits and HS96 categorization along with the France trade data and the France Export data. We only take into account nations with a minimum of one million inhabitants, exports of at least one billion dollars, and goods with a global market value of at least $500 million. However, in the year 2022, as per the France trade data, France has severely inclined upwards in its economic growth, thanks to the enhanced trading efforts with their import and export products.