France posts record trade deficit

10th December 2008, Comments 0 comments

France’s trade deficit continues to set new records in October, as exports continue to fall sharply.

PARIS – France posted a record trade deficit in October, outpacing a dismal performance in September as the global economy slowed sharply, official figures showed Tuesday.

Customs data put the October deficit at EUR 7.07 billion, up from EUR 5.96 billion in September.

"Against a backdrop of a slowing overall economy, exports fell sharply, due particularly to problems in the auto and steel sectors," the budget ministry said in a statement.

"Imports meanwhile remained strong, meaning the deficit continued to increase," it added.

In October, exports fell to EUR 32.56 billion from EUR 34.09 billion in September as imports slipped to EUR 39.63 billion from EUR 40.05 billion.

Over the past 12 months, the cumulative trade deficit was EUR 56.20 billion, the ministry added.

[AFP / Expatica]

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