The seasonally adjusted trade deficit widened out from October's downwardly revised €11.59 billion to €13.77 billion in November. This was still well short of the record €16.78 billion posted in September but some 35 percent larger than in the same month in 2021.

The monthly deterioration reflected a 1.4 percent fall in exports and a 2.3 percent increase in imports. On the year, exports are up 19.3 percent and imports 27.0 percent. On a 3-monthly average basis, the shortfall is trending down, hitting €13.0 billion in November from €14.1 billion in October and €14.8 billion in September. However, the fall here is mainly due to lower energy prices.

The merchandise trade balance measures the difference between imports and exports of goods. The level of the international trade balance, as well as changes in exports and imports, indicate trends in foreign trade and can offer a guide to an economy's competitiveness.

Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect currency values in foreign exchange markets. Given the size of the French economy, the euro can be sensitive to changes in the trade balance. The bond market is also sensitive to the risk of importing inflation. This report gives a breakdown of trade with major countries as well, so it can be instructive for investors who are interested in diversifying globally. For example, a trend of accelerating exports to a particular country might signal economic strength and investment opportunities in that country.