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Improved French trade data 'has household sting'
PARIS — France reported an improved trade deficit and rise in exports on Tuesday, but analysts said a fall in imports carried a threatening sting in the form of weak household…
PARIS — France reported an improved trade deficit and rise in exports on Tuesday, but analysts said a fall in imports carried a threatening sting in the form of weak household spending.The monthly trade deficit in January fell because of an increase of exports of manufactured goods, customs service data showed.However, analysts said that although the figures showed that French trade was picking up, the recovery was far slower than the slump with the onset of the global economic crisis.The finance ministry said that in January "exports of manufactured goods rose sharply because of a strong rise of sales in the sectors of aerospace, chemicals and pharmaceuticals."Growth of imports was "more moderate" with the result that the monthly deficit had fallen by nearly 500 million euros from the figure in December.In January, exports amounted to 30.176 billion euros and imports to 33.857 billion euros.At consultants Asteres, Nicolas Bouzou said that exports had been driven largely by "very good sales of Airbus (airliners) and exports of vaccines." But exports of metals, vehicles and industrial machinery remained weak.Bouzou said that the "moderate" rise of imports reflected weak internal demand in France, both in terms of investment by companies and consumption by households.At consultants Xerfi, economist Alberto Balboni said: "French exports showed a third monthly increase in a row in January, to the highest level since July 2009."This recovery was driven by "demand from emerging economies, notably in Asia, most of which have emerged from the crisis, while the industrialised countries are still suffering."Balboni noted that household consumption was "the only real engine of growth (in France) in the last few years and is now in danger from the double effect of a rise of prices and of unemployment."He said that a reduction of the trade deficit reflecting a slowing of household consumption "would be a very bad sign of the health of the French economy in 2010."But on a positive note for the trade balance, the fall o
last modification 2010-03-09 18:15:16
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