France's balance of payments - 2026-01
Published on 10th of March 2026
In January 2026, the current account balance (seasonally and working-day adjusted data) posted a surplus of EUR 2.1 billion, after EUR 0.1 billion in December. The deficit on trade in goods narrowed to EUR 2.0 billion, after EUR 3.5 billion in December. The services trade surplus increased to EUR 4.7 billion (after EUR 4.2 billion in December). Over 12 months, the current account balance stood at EUR -8.6 billion, compared with a surplus of EUR 1.7 billion a year earlier.
In January 2026 (cumulative data over 12 months) the financial account showed net capital inflows of EUR 29.6 billion (compared with net inflows of EUR 33.2 billion in January 2025). Direct investment showed net outflows of EUR 21.6 billion, compared with net inflows of EUR 29.5 billion a year earlier. Portfolio investment recorded net outflows of EUR 41.7 billion (compared with EUR 41.4 billion in January 2025). Finally, net inflows from other investments reached EUR 115.9 billion, after net inflows of EUR 15 billion in January 2025.
In January 2026 (cumulative data over 12 months) the financial account showed net capital inflows of EUR 29.6 billion (compared with net inflows of EUR 33.2 billion in January 2025). Direct investment showed net outflows of EUR 21.6 billion, compared with net inflows of EUR 29.5 billion a year earlier. Portfolio investment recorded net outflows of EUR 41.7 billion (compared with EUR 41.4 billion in January 2025). Finally, net inflows from other investments reached EUR 115.9 billion, after net inflows of EUR 15 billion in January 2025.
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) | Jan-25 | Jan-26 | Dec-25 | Jan-26 |
| Current account | 1.7 | -8.6 | 0.1 | 2.1 |
| Goods | -60.2 | -56.3 | -3.5 | -2.0 |
| Energy | -51.5 | -40.4 | -2.5 | -2.1 |
| Goods excl. Energy | -8.7 | -15.9 | -1.0 | 0.1 |
| Services | 57.2 | 56.0 | 4.2 | 4.7 |
| Travel | 16.5 | 20.7 | 1.8 | 2.0 |
| Transport services | 5.1 | 1.4 | 0.2 | 0.3 |
| Professional and management consulting services, Research and development and Technical services , trade-related and other business services |
8.2 | 9.2 | 1.1 | 0.5 |
| Other services | 27.5 | 24.7 | 1.1 | 2.0 |
| Income | 4.7 | -8.3 | -0.6 | -0.7 |
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) | Jan-25 | Jan-26 | Déc-26 | Jan-26 |
| Financial account | -33.2 | -29.6 | 6.8 | -6.0 |
| Direct investment | -29.5 | 21.6 | -0.9 | -0.9 |
| Abroad | 36.6 | 58.9 | 3.6 | 0.8 |
| In France | 66.1 | 37.4 | 4.5 | 1.7 |
| Portfolio investment | 41.4 | 41.7 | -40.9 | 48.3 |
| Assets | 242.8 | 327.0 | -28.3 | 97.8 |
| Liabilities | 201.4 | 285.3 | 12.5 | 49.6 |
| Financial derivatives | -32.5 | 21.3 | 2.4 | 0.4 |
| Other investment | -15.0 | -115.9 | 46.4 | -54.0 |
| Reserve assets | 2.4 | 1.8 | -0.1 | 0.2 |
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
France's balance of payments - 2026-01
Updated on the 20th of February 2026