Trade Deficit in France Reached Record Levels in November

According to the official data released on Friday, France's trade deficit reached record levels in November as rising energy prices pushed up import costs. The value of imports in the country exceeded €51.3 billion in October, reaching an all-time high of €52.5 billion, according to a statement by French Customs. Like many countries in the world, the removal of Covid-19 restrictions has caused an increase in demand for depleted natural gas stocks, as well as causing fuel prices, related commodity prices and carbon emission permits to rise to the highest levels in recent years. Rising energy prices have contributed to the main weakness in the French economy, whose trade balance has been in the red since 2004 as the country's industrial sector continues to depreciate. While President Emmanuel Macron and his government are trying to reverse this situation, Finance Minister Bruno Le Maire said that improving the trade balance should be one of the top economic priorities for the next government after the presidential election in April. Minister Le Maire said, "The weakness of our foreign trade continues to reflect the weakness of our domestic economy." Other official data showed a 0.4% drop in French industrial production in November compared to October, failing to meet economists' expectations for a 0.5% increase. Consumer spending in France was +0.8%, slightly higher than the November forecast of +0.5%, according to data released Friday by the INSEE statistical office.