France Trade Analysis

The French Republic in the European region is one of the globally thriving economies of the world and occupies a land area of 643,801 square kilometers. The land area of the nation leads to Belgium, Luxembourg, Germany, Switzerland, Italy, and Monaco in the north, northeast, east, and southeast direction. The country has a rich cultural significance which is influenced by the medieval rulers and ethnicity of their tribes. Apart from its historical significance, the tourism sector is also a contributing factor in its rapidly evolving economy. The iconic monuments like the Louvre Museum and Notre Dame Cathedral are some of the major sources of attraction of the sites.

 

The trade management authorities have been focusing more on both the import and export trade rates to counter the economic revenue to a huge extent. The attributing factors along with the government investment incentives and the free trade agreements have contributed together to record a GDP of 2.9 trillion US dollars in 2023 with a growth rate of 13% from the past few years. The economy of France is expected to reach more heights in the upcoming years and is supposed to get a boost in its global trade rank also.

 

TOP TRADED COMMODITIES

 

The huge evolution in the economy of the nation is mainly because of its increased rate of imports and exports. The traded commodity maintains a proper balance in the growing economy of the nation boosting its economic rank among others. As per the France Customs Data, the import and export traded commodities of the nation in 2023 are discussed below,

 

IMPORTS

 

• Crude petroleum (HS code - 27) – The total import revenue of Crude petroleum 2023 – 63 billion US dollars
• Cars (HS code - 87) – The total import revenue of Cars 2023 – 58 billion US dollars
• Refined petroleum (HS code - 27) – The total import revenue of Refined petroleum 2023 – 42 billion US dollars
• Packaged medicaments (HS code - 30) – The total import revenue of Packaged medicaments 2023 – 38 billion US dollars
• Aircraft and spacecraft (HS code - 88) – The total import revenue of Aircraft and spacecraft 2023 – 29 billion US dollars
• Vehicle parts (HS code - 87) – The total import revenue of Vehicle parts 2023 – 18 billion US dollars
• Computers (HS code - 84) – The total import revenue of Computers in 2023 –15 billion US dollars
• Petroleum gas (HS code - 27) – The total import revenue of Petroleum gas 2023 – 11 billion US dollars
• Broadcasting equipment  (HS code - 85) – The total import revenue of Broadcasting equipment   in 2023 – 9 billion US dollars
• Gold (HS code - 71) – The total import revenue of Gold in 2023 – 8 billion US dollars

 

EXPORTS

 

• Aerospace and defense products (HS code - 52) – The total export revenue of Aerospace and defense products is 2023 – 68 billion US dollars.
• Perfumes and cosmetics (HS code - 33) – The total export revenue of Perfumes and cosmetics 2023 – 27 billion US dollars.
• Pharmaceuticals (HS code - 29) – The total export revenue of Pharmaceuticals 2023 – 24 billion US dollars.
• Motor Vehicles (HS code - 87) – The total export revenue of Motor Vehicles 2023 – 22 billion US dollars.
• Agricultural products (HS code - 84) – The total export revenue of Agricultural products is 2023 – 20 billion US dollars.
• Machinery and equipment (HS code - 84) – The total export revenue of Machinery and equipment 2023 – 19 billion US dollars.
• Iron and steel products (HS code - 72) – The total export revenue of Iron and steel products is 2023 – 12 billion US dollars.
• Electrical equipment (HS code - 85) – The total export revenue of Electrical equipment in 2023 – 11 billion US dollars.
• Plastics and rubber products (HS code - 65) – The total export revenue of Plastics and rubber products is 2023 – 10 billion US dollars.
• Organic Chemicals (HS code - 29) – The total export revenue of Organic Chemicals 2023 – 9 billion US dollars.

 

TOP 5 FASCINATING FACTS OF FRANCE TRADE

 

The rapidly evolving trade rate of the nation is ranking globally because of its expanding import and export. The induced government initiatives have brought different changes in the economy making it a top global trader. As per the France Trade Data, the 5 fascinating trends in the growing trade rate of this rapidly evolving nation are discussed below,

 

• Dominating Agricultural industry – Apart from the trade of luxurious goods and textile products, the country is also popular for its tremendously expanding agricultural sector which accounts for a majority of share in the economic trade. The agricultural products hold a share of 30% in the French exports.

 

• Strong trade with Germany – As per the France Export Data, the country has been continuously building its trade relations with Germany recording it as one of the top trade destinations. The major traded products are from the mechanical industries and textile industries.

 

• High Tech Exports – The advancing technology development in the region leads to higher production of technology-equipped products. The global trade of tech-equipped products from France has grown at a rate of 18% over the past few years.

 

• Largest Tourism Industry – Apart from the trade sector another major factor that accounts for the rapid growth in the economic trade generation is its Tourism Industry. With the presence of iconic landmarks like the Eiffel Tower and other museums and art galleries, the country attracts the majority of tourist destinations each year accounting for 38% of its economic growth.
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  Growing E-commerce – To build up the revenue rate from the present condition the trade management authorities have established it’s globally demanded products in different e-commerce platforms to expand its global reach. As per the France Import Data, the involvement of e-commerce has boosted global trade exponentially.