France's May 2026 trade deficit widens as weapons exports tumble

In May 2026 France’s trade balance for goods shifted back into deficit, reaching €6.9 billion – a €1.5 billion increase from April. Exports fell to €53.6 billion, while imports rose to €60.5 billion. The main driver was a sharp drop in military equipment sales, which declined by €0.8 billion, accompanied by weaker mechanical, electronic and computer equipment exports. Aerospace and space products were an exception, posting a €0.5 billion increase for the third consecutive month.

On the import side, the rise was led by transport goods, especially automobiles, adding roughly €0.4 billion to the bill. Energy imports fell by €0.4 billion, reflecting lower volumes and prices. The May figures highlight the fragility of France’s external trade, where a few sectors such as defence, automotive and aerospace can swing the balance, and underscore the limited progress made since the post‑COVID recovery.