France's balance of payments and international investment position : Annual Data

In 2021, the current account showed a surplus for the second time in 15 years, reaching EUR 9 billion after a deficit of EUR 41.5 billion in 2020. The trade of goods deficit continued to widen and amounted to EUR 67.4 billion. This trend was due to the energy bill, with the trade in goods deficit excluding energy narrowing by EUR 9 billion. At EUR 36.4 billion, the trade in services surplus was up by almost EUR 18 billion compared with 2020, thanks in particular to transport services, which posted an exceptional surplus of EUR 16.5 billion, largely from sea transport. The investment income surplus stood at EUR 54.5 billion, driven by a sharp improvement in direct investment income.

This surplus resulted in net capital outflows of EUR 3 billion. Foreign direct investment recorded net capital inflows of EUR 9.7 billion. Portfolio investments posted net financing in France by non-residents of EUR 5.3 billion. Equally, international transactions on banks’ loans-deposits and financial derivatives transactions resulted in net financing for the French economy of almost EUR 5 billion. The increase in reserve assets with the International Monetary Fund was mainly due to the exceptional allocation of EUR 23.1 billion in special drawing rights in August 2021.

France’s net international investment position, which reflects the difference between the value of assets and liabilities vis-à-vis the rest of the world, declined by EUR 92.5 billion, primarily because of valuation mechanisms.

All the publications of annual reports of the Balance of payments and international investment position are available on the Banque de France Website at :