France's balance of payments - 2025-11
Published on the 8th of January 2026
In November 2025, the current account balance has returned to a deficit (seasonally and working-day adjusted data), at -EUR 0.8 billion, following a surplus of EUR 1.4 billion in October. The deficit on trade in goods increased to EUR 3.7 billion, after EUR 2.1 billion in October. The services trade surplus decreased in parallel to EUR 3.7 billion, after EUR 4.4 billion in October. Over 12 months, the current account balance stood at - EUR 11.0 billion, compared with a surplus of EUR 1.6 billion a year earlier.
In November 2025 (cumulative data over 12 months) the financial account showed net capital inflows of EUR 37.0 billion (compared with net inflows of EUR 0.3 billion in November 2024). Direct investment showed net inflows of EUR 1.6 billion, compared with net outflows of EUR 7.5 billion a year earlier. Portfolio investment recorded net outflows of EUR 63.8 billion (compared with EUR 15.5 billion in November 2024). Finally, net inflows from other investment reached EUR 114.4 billion, after net outflows of EUR 0.5 billion in November 2024.
In November 2025 (cumulative data over 12 months) the financial account showed net capital inflows of EUR 37.0 billion (compared with net inflows of EUR 0.3 billion in November 2024). Direct investment showed net inflows of EUR 1.6 billion, compared with net outflows of EUR 7.5 billion a year earlier. Portfolio investment recorded net outflows of EUR 63.8 billion (compared with EUR 15.5 billion in November 2024). Finally, net inflows from other investment reached EUR 114.4 billion, after net outflows of EUR 0.5 billion in November 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) | Nov-24 | Nov-25 | Oct-25 | Nov-25 |
| Current account | 1.6 | -11.0 | 1.4 | -0.8 |
| Goods | -61.5 | -57.9 | -2.1 | -3.7 |
| Energy | -52.8 | -42.7 | -2.4 | -2.8 |
| Goods excl. Energy | -8.7 | -15.2 | 0.3 | -0.9 |
| Services | 56.4 | 55.8 | 4.4 | 3.7 |
| Travel | 15.9 | 19.6 | 1.5 | 1.7 |
| Transport services | 3.3 | 1.9 | 0.0 | -0.2 |
| Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
10.1 | 7.4 | 0.8 | 1.2 |
| Other services | 27.2 | 26.8 | 2.1 | 1.0 |
| Income | 6.7 | -8.9 | -0.9 | -0.8 |
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) | Nov-24 | Nov-25 | Oct-25 | Nov-25 |
| Financial account | -0.3 | -37.0 | 4.2 | 11.2 |
| Direct investment | 7.5 | -1.6 | -1.7 | -3.2 |
| Abroad | 33.2 | 65.5 | 1.8 | 1.0 |
| In France | 25.7 | 67.1 | 3.5 | 4.2 |
| Portfolio investment | 15.5 | 63.8 | 66.9 | 2.9 |
| Assets | 255.8 | 315.1 | 49.4 | 17.5 |
| Liabilities | 240.3 | 251.3 | -17.6 | 14.6 |
| Financial derivatives | -25.3 | 10.6 | 3.3 | 8.1 |
| Other investment | 0.5 | -114.4 | -64.7 | 3.4 |
| Reserve assets | 1.5 | 4.5 | 0.3 | -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_Stat_Info_France_s_balance_of_payment_202511.pdf
Updated on the 7th of January 2026