France cuts trade deficit: data

FRANCE cut its trade deficit in November to 4.3 billion euros ($5.65 billion), down from 4.7 billion euros in October.

The customs service said that, overall, exports to and imports from other countries in the European Union, and particularly concerning Germany, had fallen sharply over three months.

There had also been a marked fall of trade with the United States in refined products and with the Middle East in crude oil.

A trade surplus contributes to growth in a country, as in the case of Germany, France's main trading partner in the European Union which has a strong external trade account.

A trade deficit reduces any overall growth in an economy.

For several years France has developed a huge structural trade deficit.

Analysts say that this reflects mainly a fall of the competitive position of French industry and services, largely because France does not have enough medium-sized companies exporting high quality and specialist products.

The government is attempting to address the problem of high production costs by switching some social taxes from businesses to a wider tax base.

The customs service said that in the 12 months to the end of November the trade balance had shown a cumulative deficit of 65.826 billion euros, down from 74.203 billion euros in 2011.

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