Bad news for France, the trade deficit is still worsening – L’Express

France’s trade deficit widened in the first half of 2025 under the effect of a clear increase in imports, said customs. For example, Data released this Thursday. Consequently, August 7, while Donald Trump’s implementation of customs duties to dozens of savings officially takes effect, establishing a new commercial deal worldwide.

Over the first six months of 2025. For example, the French trade deficit (Exports difference – imports, editor’s note) reached 43 billion euros in the first half of 2025, a deterioration of 4.4 billion euros compared to the second half of 2024. Meanwhile, This, due to an increase in imports which exceeds that of exports, according to customs. Similarly, according to this data, France’s trade deficit was 22.9 billion in the second quarter of 2025, a deterioration of 2.8 billion euros compared to the bad news france, trade deficit first quarter of the same year.

This is explained by a drop in energy prices. However, electricity exports in value, as well as a decline in exports of aeronautical products and ships and boats, detail customs. Furthermore, As for imports. as an example, those of pharmaceutical products increase significantly in the second quarter, until they reach their “highest historic level”. This is a “real alert signal”. reacted the Minister of Foreign Trade, Laurent Saint-Martin, in an interview with the newspaper The worldabout the degradation of the trade balance.

No “manifest effect” of surcharges

According to customs. since the provisional implementation of American surcharge in April, the evolution of French exports to the United States “does not allow for the moment to identify a manifest effect”. There would also be bad news france, trade deficit no “significant drop” of France exports to the United States, compared to the same period in 2024.

If the impact of American surcharge is not “readable in the figures”. it is because they will first affect American consumers who will be the “first victims”, said Laurent Saint-Martin. But the minister deplores a “double threat”, with “loss of exports to the United States and weakened global growth”.

American surcharge is in a large range, between 15 % and 41 %. The European Union (EU). Japan or South Korea, which are among the main trade partners of the United States, are now affected by a rate of at least 15 %. “We are confident in the fact that aeronautics will be exempt from these taxes and. bad news france, trade deficit in the coming weeks, we will try to snatch additional exemptions,” also said Laurent Saint-Martin. In the field of exports to the United States. France is less exposed than other countries of the European Union, but the champions of the food and luxury will be particularly affected by the surcharges.

In value. it is by far Germany which within the EU exports the most goods to the United States, for an amount of 161.2 billion euros in 2024, followed by Ireland and Italy, respectively 72 and 64 billion euros, according to Eurostat data.

New business partners

Customs also raise an increase in French imports from China. Southeast Asia, Mexico and Canada, which “raises the question of a possible postponement to France and the EU of part of the exports of these countries”.

In the first half of 2025, French imports from China and Hong Kong, Mexico and Canada, increased by 9 % over a year. In particular, imports of pharmaceutical products from China have more than doubled in value (1.175 billion euros, against 522 million euros in the first half of 2024).

“China seems to have reoriented part of its exports intended in the United States to the rest of the world. ” said customs, also mentioning a 11 % drop in China exports to the United States between the first half of 2024 and 2025, according to Chinese customs data.