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MNI: FRANCE DATA: Trade Balance (Mar 2019) Preview...>

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MNI: FRANCE DATA: Trade Balance (Mar 2019) Preview - 07:45 BST
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- Prev (Feb): Trade Bal: -EUR4.0bn; Exports: 0.9% m/m, 4.6% y/y; Imports: 0.4%
m/m, 3.4% y/y
- The French trade deficit narrowed from EUR4.2bn in Jan to EUR4.0bn in Feb...
- ... as a 0.9% m/m gain in exports outpaced a 0.4% m/m rise in imports
- Prelim GDP data showed Q1 export growth slowed to 0.1% q/q from 2.2% in Q4...
- ... import growth also slowed (to 0.9% from 1.2%), but outpaced exports to
result in a 0.3pp drag from net trade
- As such, the trade deficit seems likely to have widened in Mar
- Net exports contributed positively to growth in 2018, although this was partly
due to sluggish consumption growth, which weighed on imports
- Household spending should perform more strongly going forward, particularly
given a number of fiscal support measures...
- ... combined with still-weak external demand, trade could continue to weigh on
French GDP growth in Q2

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