French exports to exceeded France’s imports from Latin America (excluding Mexico) and Caribbean Islands by $3.4 billion in 2014. Similarly, France achieved a $2.7 billion trading surplus with the Middle East and a $1.6 billion positive balance against its African trade partners.
The fact that France earns these country-specific trade surpluses indicates French competitive advantages albeit for a specific set of export products highlighted below.
These major product supply advantages provide a silver lining for the grim fact that France carried the world’s fifth-largest trade deficit during 2014 and in sharp contrast to China’s $384.3 billion surplus.
France’s trade deficit in 2014 has grown by 6.5% since 2010 when its negative balance stood at -$87.5 billion.
France Major Product Supply Advantages
Top 10
Presented in descending order, the following list showcases the general product categories under which France earned the highest trade surpluses in 2014.
- Aircraft, spacecraft: US$28.1 billion (30.7% of all product surpluses)
- Beverages, spirits and vinegar:$13.9 billion (15.2%)
- Perfumes and cosmetics: $11.6 billion (12.7%)
- Cereals: $7.8 billion (8.6%)
- Pharmaceuticals: $7.3 billion (8%)
- Dairy, eggs, honey: $4.2 billion (4.6%)
- Other chemical goods: $3.6 billion (3.9%)
- Iron and steel: $3.1 billion (3.3%)
- Leather, animal gut articles: $2.2 billion (2.4%)
- Live animals: $2.1 billion (2.3%)
The above top 10 product categories represent 91.8% of France’s overall product-category surplus subtotal which amounted to $91.3 billion. For that subtotal, 29 of France’s 97 general product categories delivered a surplus in 2014 while the remaining 68 categories incurred deficits.
Growth
France enriched its trade surplus amounts at the fastest-pace during 2010 to 2014 under the product categories below.
- Cereal and milk preparations: Up 92.2% since 2010 (US$892.3 million)
- Paper yarn, woven fabric: Up 75.3% ($303.5 million)
- Modified starches, enzymes: Up 59.6% ($1 billion)
- Iron and steel: Up 41.7% ($3.1 billion)
- Soaps, lubricants, candles: Up 38.3% ($339.8 million)
- Leather, animal gut articles: Up 33.3% ($2.2 billion)
- Other chemical goods: Up 27.8% ($3.6 billion)
- Aircraft, spacecraft: Up 27.8% ($28.1 billion)
- Raw hides, skins not furskins, leather: Up 27.4% ($212.9 million)
- Perfumes and cosmetics: Up 21.5% ($11.6 billion)
Detail
From the perspective of the more detailed 4-digit harmonized tariff system (HTS) level, below are 15 products that enabled France to achieve the highest surpluses in its international trade with other countries.
- Aircraft, spacecraft: US$36.8 billion
- Wine: $9.4 billion
- Medication mixes in dosage: $7.4 billion
- Beauty/makeup/skin care preparations: $6.4 billion
- Wheat: $5.3 billion
- Perfumes, toilet waters: $4.7 billion
- Automobile parts/accessories: $3.6 billion
- Turbo-jets: $3.3 billion
- Alcohol (including spirits, liqueurs): $3.2 billion
- Engines (diesel): $3 billion
- Electrical energy: $2.8 billion
- Integrated circuits/microassemblies: $2.5 billion
- Cases, handbags, wallets: $2.3 billion
- Cheese, curd: $2.3 billion
- Anti-knock/oxidation/gum inhibitors: $1.9 billion
Among these, electrical energy had the fastest-growing French surplus with a 104% gain since 2010. In second place were cases, wallets and handbags up 42.3% while exported aircraft and spacecraft moved ahead in value by 28.2%.
France Major Product Supply Advantages by Country
Top 10
Presented in descending order, the following list shows with which trade partners France earned the highest trade surpluses in 2014.
- United Kingdom: US$14.2 billion (21.8% of French country-specific surpluses)
- Hong Kong: $5 billion (7.7%)
- United Arab Emirates: $4 billion (6.2%)
- Singapore: $3 billion (4.6%)
- South Korea: $2.5 billion (3.9%)
- Algeria: $2.3 billion (3.5%)
- Australia: $2.3 billion (3.5%)
- Greece: $2 billion (3%)
- Philippines: $1.9 billion (3%)
- Brazil: $1.9 billion (2.9%)
The above 10 trade partners represent 60.1% of France’s subtotal surplus of $65.2 billion from the 130 geographic entities with which France demonstrated competitive trade advantages.That subtotal excludes the 93 trade partners with which France incurred trade deficits.
Growth
France enriched its trade surplus amounts with the countries below at the fastest-pace during 2010 to 2014.
- South Korea: Up 3,945% since 2010 (US$2.5 billion)
- Fiji: Up 886% ($59.3 million)
- Philippines: Up 822% ($1.9 billion)
- Samoa: Up 760% ($1.7 million)
- Mauritania: Up 512% ($193.7 million)
- Tajikistan: Up 466% ($11.6 million)
- Togo: Up 355% ($957.7 million)
- Turks/Caicos Islands: Up 248% ($1.8 million)
- Myanmar (Burma): Up 247% ($43.1 million)
- Colombia: Up 245% ($830.3 million)
Generally, France showed major product supply advantages over trade partners with comparatively small populations and for generally small surplus amounts. However, France did generate billion-dollar positive trade balances with South Korea and the Philippines.
UK
Below are the products that gave France the highest surpluses in its international trade with the United Kingdom.
- Aircraft, spacecraft: US$1.9 billion (13.3% of France’s surplus versus UK)
- Wine: $1.5 billion (10.6%)
- Medication mixes in dosage: $1.2 billion (8.5%)
- Automobile parts/accessories: $782.6 million (5.5%)
- Electrical energy: $722.6 million (5.1%)
- Engines (diesel): $682.4 million (4.8%)
- Jewelry: $571.4 million (4%)
- Trucks: $528.3 million (3.7%)
- Beauty/makeup/skin care preparations: $464.6 million (3.3%)
- Perfumes, toilet waters: $383.7 million (2.7%)
Among these, medication mixes in dosage had the fastest-growing French surplus with the UK posting a 1,726% gain from 2010 to 2014. In second place trucks up 312.9% followed by electrical energy ahead by 120.5%.
Hong Kong
Below are the products that gave France the highest surpluses in its international trade with Hong Kong.
- Cases, handbags, wallets: US$880.4 million (17.5% of France’s surplus vs. Hong Kong)
- Aircraft, spacecraft: $782.1 million (15.6%)
- Wine: $389.2 million (7.7%)
- Beauty/makeup/skin care preparations: $323 million (6.4%)
- Footwear (leather): $157.8 million (3.1%)
- Aircraft parts: $149.6 million (3%)
- Tracksuits, swimwear (not knit or crochet): $132.2 million (2.6%)
- Medication mixes in dosage: $111.8 million (2.2%)
- Leather clothing, accessories: $104.8 million (2.1%)
- Alcohol (including spirits, liqueurs): $102.8 million (2%)
Among these, aircraft parts had the fastest-growing French surplus with Hong Kong posting a 53.7% gain from 2010 to 2014. In second place were medication mixes in dosage up 42.1% followed by cases, handbags and wallets ahead by 31.2%.
UAE
Below are the products that gave France the highest surpluses in its international trade with the United Arab Emirates.
- Aircraft, spacecraft: US$944.7 million (23.4% of France’s surplus versus UAE)
- Perfumes, toilet waters: $237.9 million (5.9%)
- Phone system devices: $203.4 million (5%)
- Beauty/makeup/skin care preparations: $196.6 million (4.9%)
- Aircraft parts: $180.8 million (4.5%)
- Cases, handbags, wallets: $176.4 million (4.4%)
- Medication mixes in dosage: $175.3 million (4.4%)
- Wine: $112.9 million (2.8%)
- Taps, valves, similar appliances: $108.3 million (2.7%)
- Iron or steel tubes, pipes: $93.4 million (2.3%)
Among these, aircraft and spacecraft had the fastest-growing French surplus with the UAE posting a 231.7% gain from 2010 to 2014. In second place were iron or steel tubes and pipes up 149% followed by taps, valves and similar appliances ahead by 118.3%.
See also France’s Top 10 Exports, Highest Value French Export Products, France’s Top 10 Imports and France’s Top Import Partners
Research Sources:
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on December 4, 2015
Trade Map, International Trade Centre. Accessed on December 4, 2015
Investopedia, Net Exports Definition. Accessed on December 4, 2015