France's balance of payments - 2025-07
Published on the 5th of September 2025
statistics
In July 2025, the current account deficit (seasonally and working-day adjusted data) reached EUR 2.5 billion (after a deficit of 2.3 billion in June). The deficit on trade in goods decreased to 5.5 billion (after 7.0 billion in June) notably due to lower energy bills. Meanwhile, the surplus on trade in services declined to EUR 3.9 billion (after EUR 5.5 billion in June). On a 12-month cumulative basis, the current account balance stood at EUR - 13.6 billion (after EUR - 5.8 billion a year earlier).
In July 2025, the financial account (cumulative data over 12 months) recorded net capital inflows of EUR 42.1 billion (after net inflows of EUR 10.2 billion in July 2024). Direct investments showed net inflows of EUR 31.9 billion (versus net outflows of EUR 38.8 billion a year earlier). Portfolio investments registered net outflows of EUR 114.6 billion (after net inflows of 72.0 billion in July 2024). Finally, net inflows from other investments reached EUR 95.4 billion (compared to net outflows of EUR 28.7 billion in June 2024).
In July 2025, the financial account (cumulative data over 12 months) recorded net capital inflows of EUR 42.1 billion (after net inflows of EUR 10.2 billion in July 2024). Direct investments showed net inflows of EUR 31.9 billion (versus net outflows of EUR 38.8 billion a year earlier). Portfolio investments registered net outflows of EUR 114.6 billion (after net inflows of 72.0 billion in July 2024). Finally, net inflows from other investments reached EUR 95.4 billion (compared to net outflows of EUR 28.7 billion in June 2024).
Current account balance and its components
(billion euros, seasonally and working-day adjusted data)
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(billion euros, seasonally and working-day adjusted data)
| Cumulated figures (over 12 months) | ||||
| (EUR billions) | July- 2024 | July- 2025 | Jun- 2025 | July- 2025 |
| Current account | -5.8 | -13.6 | -2.3 | -2.5 |
| Goods | -62.6 | -70.6 | -7.0 | -5.5 |
| Energy | -57.5 | -46.1 | -4.1 | -3.2 |
| Goods excl. Energy | -5.1 | -24.5 | -2.9 | -2.3 |
| Services | 49.1 | 60.7 | 5.5 | 3.9 |
| Travel | 15.2 | 18.1 | 1.8 | 1.9 |
| Transport services | 1.8 | 5.3 | 0.4 | 0.4 |
|
Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
7.9 | 5.4 | 0.8 | -1.2 |
| Other services | 24.2 | 31.9 | 2.5 | 2.8 |
| Income | 7.7 | -3.7 | -0.8 | -0.9 |
Note : Non-cumulated figures
Source and production : BANQUE DE FRANCE - DGSEI
Source and production : BANQUE DE FRANCE - DGSEI
Balance on financial transactions and its components (billions of euros, not adjusted data)![]()
| Cumulated figures (over 12 months) | ||||
| (EUR billions) | July- 2024 | July- 2025 | Jun- 2025 | July- 2025 |
| Financial account | -10.2 | -42.1 | 3.3 | -15.7 |
| Direct investment | 38.8 | -31.9 | 0.4 | -0.3 |
| Abroad | 41.5 | 27.8 | 1.4 | 1.8 |
| In France | 2.7 | 59.8 | 1.0 | 2.1 |
| Portfolio investment | -72.0 | 114.6 | 21.1 | -7.3 |
| Assets | 201.6 | 342.8 | 61.4 | 34.5 |
| Liabilities | 273.5 | 228.2 | 40.3 | 41.8 |
| Financial derivatives | -8.1 | -34.3 | 2.3 | -6.2 |
| Other investment | 28.7 | -95.4 | -20.6 | -2.0 |
| Reserve assets | 2.4 | 4.9 | 0.2 | 0.1 |
Note : Cumulated figures
Source and production : BANQUE DE FRANCE - DGSEI
Source and production : BANQUE DE FRANCE - DGSEI
Methodological notes
On the Banque de France website a detailed methodological note on balance of payments and international investment position can be found. Highlights on specific topics are also available: foreign direct investments (English and French), international tourism in France (English and French), business services (English and French), net foreign assets (English and French).
Download the PDF version of the document
EN_EN_Stat_Info_France_s_balance_of_payment_202507.pdf
Updated on the 4th of September 2025