Economy. No effect of US customs duties: French trade deficit narrows in July

France's trade deficit stood at €6.5 billion in July, down €0.2 billion from June. While imports increased by €0.3 billion to €57.7 billion, exports grew more rapidly, by €0.5 billion to €51.2 billion.

These figures are the latest before the entry into force on August 7 of the additional customs duties imposed by US President Donald Trump on the countries of the 90 main trading partners of the United States. For the countries of the European Union, this rate is 15%, according to the agreement sealed at the end of July between Brussels and Washington , after months of tough negotiations.

The recovery in France's trade balance in July was due in particular to the energy balance, with energy exports increasing while imports declined. "The changes in energy trade in July are mainly explained by the decline in the volumes of products traded. Indeed, energy prices, over the same period, increased significantly for imports and much more sharply for exports," the customs authorities detailed in their press release.

Excluding energy, however, the trade balance deteriorated, particularly penalized by an increase in imports of consumer goods. France's 12-month trade deficit also narrowed, by €0.7 billion to €80.3 billion. In June, it had widened by €1.8 billion.

The Banque de France also announced that the current account balance, adjusted for seasonal and working-day variations, showed a deficit of €2.5 billion in July, after a deficit of €2.3 billion in June. The current account balance includes the balance of goods, services, and income.

Since the provisional implementation of the American surcharges in April, the evolution of French exports to the United States does not allow us to identify "a clear effect" of these customs duties, nor a "significant drop" in exports compared to the same period in 2024, customs noted during the publication of the June trade balance.