France's balance of payments - 2026-03
Published on 7th of May 2026
In March 2026, the current account deficit (seasonally and working-day adjusted data) stood at EUR 1.2 billion (following a deficit of EUR 1.5 billion in February). The goods trade deficit fell to EUR 4.5 billion, down from EUR 4.8 billion in February, with the marked reduction in the non-energy goods deficit being offset by the increase in the energy bill (EUR -0.2 billion and EUR -4.3 billion respectively). The surplus in trade in services rose slightly to EUR 3.8 billion (after EUR 3.6 billion in February). Over 12 months, the current account balance stood at EUR -8.2 billion, compared with EUR -2.6 billion a year earlier.
In March 2026 (cumulative data over 12 months) the financial account recorded net capital inflows of EUR 18.6 billion (compared with net inflows of EUR 36.9 billion in March 2025). Portfolio investment recorded net inflows of EUR 85.8 billion, compared with net outflows of EUR 88.4 billion a year earlier. Direct investment and financial derivatives, meanwhile, recorded net outflows of EUR 20.3 billion and EUR 33.2 billion respectively (following net inflows of EUR 19.9 billion and EUR 34.7 billion in March 2025). Finally, net outflows from other investments amounted EUR 12.5 billion (following net inflows of EUR 73.7 billion in March 2025).
In March 2026 (cumulative data over 12 months) the financial account recorded net capital inflows of EUR 18.6 billion (compared with net inflows of EUR 36.9 billion in March 2025). Portfolio investment recorded net inflows of EUR 85.8 billion, compared with net outflows of EUR 88.4 billion a year earlier. Direct investment and financial derivatives, meanwhile, recorded net outflows of EUR 20.3 billion and EUR 33.2 billion respectively (following net inflows of EUR 19.9 billion and EUR 34.7 billion in March 2025). Finally, net outflows from other investments amounted EUR 12.5 billion (following net inflows of EUR 73.7 billion in March 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) | Mar-25 | Mar-26 | Feb-26 | Mar-26 |
| Current account | -2.6 | -8.2 | -1.5 | -1.2 |
| Goods | -64.0 | -53.7 | -4.8 | -4.5 |
| Energy | -52.1 | -39.1 | -3.2 | -4.3 |
| Goods excl. Energy | -11.9 | -14.6 | -1.7 | -0.2 |
| Services | 58.0 | 48.8 | 3.6 | 3.8 |
| Travel | 16.6 | 21.2 | 1.8 | 1.6 |
| Transport services | 5.5 | -0.4 | -0.1 | -0.1 |
| Professional and management consulting services,
Research and development and Technical services , trade-related and other business services |
8.4 | 11.4 | 0.9 | 1.3 |
| Other services | 27.5 | 16.7 | 1.0 | 0.9 |
| Income | 3.4 | -3.4 | -0.3 | -0.5 |
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) | Mar-25 | Mar-26 | Feb-26 | Mar-26 |
| Financial account | -36.9 | -18.6 | -22.5 | 11.8 |
| Direct investment | -19.9 | 20.3 | 2.5 | -0.6 |
| Abroad | 74.4 | 35.3 | 6.2 | 3.0 |
| In France | 94.4 | 15.0 | 3.7 | 3.6 |
| Portfolio investment | 88.4 | -85.8 | -19.3 | -85.4 |
| Assets | 263.5 | 230.5 | 3.1 | -27.6 |
| Liabilities | 175.1 | 316.4 | 22.4 | 57.7 |
| Financial derivatives | -34.7 | 33.2 | 5.7 | -10.1 |
| Other investment | -73.7 | 12.5 | -11.3 | 107.9 |
| Reserve assets | 3.1 | 1.2 | -0.2 | 0.0 |
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_202603.pdf
Updated on the 6th of May 2026