France’s trade deficit narrowed sharply to €1.8 billion in January 2026, from a revised €4.3 billion in December and well below market expectations of a €4.6 billion gap. This was the smallest shortfall since July 2009.
The improvement was driven by a combination of rising exports and falling imports. Exports grew by 0.7% month-on-month to €53.4 billion, supported in particular by higher shipments of transport equipment (+0.8%), natural hydrocarbons and electricity (+16.2%), and publishing and communication products (+43.3%).
By destination, exports increased to the European Union (+3.8%), to other European countries outside the EU (+0.2%), and to the Americas (+0.2%). They declined, however, to Asia (-5.8%), Africa (-5.1%), and the Middle East (-36.9%).
Imports fell by 3.6% to €55.3 billion, largely due to lower purchases of transport equipment (-9.6%), natural hydrocarbons and electricity (-10.6%), and other industrial products (-2.2%). By origin, imports decreased from most regions, including Asia (-6.7%), Europe outside the EU (-6.1%), the Americas (-3.9%), and Africa (-17.0%), while purchases from the EU slipped slightly (-0.6%).
