Attaining a Gross Domestic Product (GDP) valued at US$2.866 trillion in 2008, France is the world’s 5th richest country.
Home to 64.1 million French who enjoyed an average GDP of $32,700 per person last year, France was also the 37th wealthiest nation in terms of GDP per capita.
As the world’s 5th biggest exporter, France shipped $761 billion worth of exports. Principal French exports include machinery and transportation equipment, pharmaceutical products and beverages. Based on 2007 statistics, France’s largest export clients were Germany (14.9%), Spain (9.3%), Italy (8.9%), the United Kingdom (8.1%), Belgium (7.3%), the United States (6.1%) and Netherlands (4.1%).
France imported $833 billion worth of foreign goods last year led by vehicles, aircraft, crude oil, plastics and chemicals. Leading suppliers to the French market were Germany (18.9%), Belgium (11.4%), Italy (8.4%), Spain (7.1%), Netherlands (7%), UK (5.6%), US (4.4%) and China (4%). The world’s 4th top importing nation posted a $72 billion trade deficit for 2008.
In total, France’s international trade amounted to $1.594 trillion or 55.6% of its overall GDP. This compares with 25% for the U.S. and 59.5% for Canada.
French Trade with the U.S.
Last year, French exports to America rose 6% to $44 billion. Over that same period, Frenchs consumed $28.8 billion worth of U.S. imports – an increase of 8.1%.
Therefore, France’s trade surplus with the U.S. came to $15.2 billion in 2008.
The lists below present the top 10 exports and imports that American and French enterprises exchanged in 2008. The fastest-growing trade product categories are also shown.
France’s Top Exports to America
Civilian aircraft accounted for 3 of the top 10 product exports shipped from France to the U.S. last year.
- Pharmaceutical preparations … US$5.7 billion, up 22.2% from 2007 (13% of US imports from France)
- Civilian aircraft engines … $4.2 billion, up 16.8% (9.6%)
- Civilian aircraft (complete) … $4 billion, down 18% (9%)
- Other petroleum products … $3.3 billion, up 63.1% (7.5%)
- Collectibles (antiques, artwork, stamps) … $2.1 billion, down 23.4% (4.7%)
- Alcoholic beverages not wine … $1.6 billion, down 2% (3.5%)
- Toiletries and cosmetics … $1.53 billion, up 12.2% (3.5%)
- Wine … $1.46 billion, down 0.7% (3.3%)
- Civilian aircraft parts … $1.1 billion, up 27% (2.5%)
- Automotive accessories … $980.3 million, down 2% (2.2%).
Fastest-Growing French Exports to America
Individual American consumers generated many of France’s fastest-growing export categories in 2008. Demand soared for imported French products including passenger cars, collectible coins and gem stones.
- Passenger cars … US$370.9 million, up 822% from 2007
- Sulfur and non-metallic minerals … $14 million, up 429.6%
- Numismatic coins (collectibles) … $20.3 million, up 178.9%
- Natural fibers (cotton, wool) … $2.5 million, up 115.2%
- Liquified petroleum gases … $20.9 million, up 108.9%
- Zinc … $6.7 million, up 92.3%
- Lumber … $9.5 million, up 71.3%
- Precious and imitation gem stones … $39.7 million, up 66.7%
- Marine engines and parts … $57.3 million, up 65.4%
- Textile machinery including sewing machines … $79.8 million, up 64.3%.
France’s Top Imports from America
Below are the top ten goods imported from the U.S. into France during 2008.
- Civilian aircraft … US$7.2 billion, down 5.3% from 2007 (24.9% of US exports to France)
- Pharmaceutical preparations … $2.5 billion, down 3.9% (8.5%)
- Collectibles (antiques, artwork, stamps) … $1.2 billion, up 175.5% (4.2%)
- Medicinal equipment … $1.18 billion, up 10.7% (4.1%)
- Other industrial machinery … $823.1 million, up 16.8% (2.9%)
- Fuel oil … $752.8 million, up 327.8% (2.6%)
- Other chemicals … $729.6 million, up 30.4% (2.5%)
- Organic chemicals … $698 million, down 6.7% (2.4%)
- Telecommunications equipment … $696.1 million, up 10.7% (2.4%)
- Computer accessories … $622.6 million, down 5.9% (2.2%).
Fastest-Growing French Imports from the U.S.
The following American exports to France in 2008 had the highest percentage sales increases from 2007.
- Aircraft gear and parachutes … US$38 million, up 333.8% from 2007
- Fuel oil … $752.8 million, up 327.8%
- Military apparel and footwear … $2 million, up 283.6%
- Artillery, guns, missiles and tanks … $29.7 million, up 254.6%
- Animal feeds … $20.4 million, up 226.3%
- Non-monetary gold … $6.2 million, up 209.6%
- Collectibles (antiques, artwork, stamps) … $1.2 billion, up 175.5%
- Raw cotton … $1.3 million, up 164.9%
- Steelmaking materials … $36.9 million, up 160%
- Leather and furs … $3.1 million, up 150.4%.
Although not on the above list, the U.S. shipped a remarkable $133.9 million worth of nuclear fuel materials to France last year. This represents a 113.5% jump from 2007.
Perhaps even more surprising is the fact that American shipments of New World wines into France totalled $29.7 million in 2008, for an annual gain of 75.2%.
In contrast, French exports of its Old World wines to the U.S. stayed about the same. Admittedly, wine exports from France represented a much higher total value of $1.46 billion in 2008.
Sources
This analysis is based on latest statistics from the US Census Bureau - Foreign Trade Statistics as of the date of article publication.
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