French trade deficit hits record 29 billion euros

9th February 2007, Comments 0 comments

PARIS, Feb 9, 2007 (AFP) - France's trade deficit hit a record of more than 29 billion euros (37 billion dollars) in 2006 despite exports that also hit a new high, Foreign Trade Minister Christine Lagarde said Friday.

PARIS, Feb 9, 2007 (AFP) - France's trade deficit hit a record of more than 29 billion euros (37 billion dollars) in 2006 despite exports that also hit a new high, Foreign Trade Minister Christine Lagarde said Friday.

The minister blamed the deficit on the high cost of oil.

French exports rose to 387 billion euros (503 billion dollars) in 2006, she said in an interview with the France Info radio station.

"Outside the oil bill, we are not only in surplus but our commercial balance has gone up for the first time since 2002," said Lagarde.

According to the minister, France's exports were "historically the biggest ever recorded."

Copyright AFP

Subject: French news, Economics, Trade deficit

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