Last Updated :
06 February 2009 at 16:40 IST
French trade deficit hits $71.4 bn last year
Commodity Online
PARIS : Trade deficit of France hit 55.7bn euros ($71.4bn ) in 2008, due to high oil prices and the slowing economy, according to country’s the customs office.
The trade deficit , the difference between goods and services imported and those exported, increased 37% last year from 40.6bn euros in 2007.
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Imports rose 5.3% while exports added 2.1% in 2008, with automobile exports falling sharply amid a global slowdown.
The eurozone region officially entered its first recession late last year.
While France has not officially entered a recession, there are expectations that it will do so in 2009.
Despite the widening trade gap for the year, France's trade deficit for December unexpectedly shrank, helped by sales of Airbus aircraft and an ocean liner and falling energy prices.
The deficit for the month fell to 2.45bn euros from 6.02bn euros in November.
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