| French trade deficit narrows in October thanks to agricultural products sales |
| 07.12.11 11:56 | |
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The French trade deficit narrowed to EUR6.2bn in October, slightly above our and consensus expectations (EUR6.0bn) after EUR6.6bn reported in September (revised from EUR6.3bn), most notably owing to agricultural sales, as indicated by the official release from French customs. Exports in October increased to EUR35.9bn from EUR35.6bn in September. However, imports slowed to EUR42.1bn from EUR42.2bn in September. Looking ahead, we do not expect the trade deficit to improve significantly, in line with indications of slowing industrial growth in Europe but also more generally at the global level. Moreover, as we already noted, Foreign Trade Secretary of State Pierre Lellouche stated recently that the government expects the trade deficit to reach EUR75bn this year (January - October trade deficit is at EUR61.5bn) against EUR41.8bn a year earlier over the same period, a record high since the series were created in 1988. source: BarCap |
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