France's balance of payments - 2026-05
Published on 8th of July 2026
In May 2026, the current account deficit (seasonally and working-day adjusted data) was nearly balanced, recording a deficit of 0,1 billion (following a deficit of EUR 0,6 billion in April). The goods trade deficit widened to EUR 5.5 billion, up from EUR 4.0 billion in April. This trend was driven by goods excluding energy, whose balance stood at EUR -1.3 billion (down EUR 1.9 billion from the previous month), while the energy bill declined slightly to EUR 4.2 billion (after EUR 4.6 billion in April). The surplus in trade in services increased to EUR 6.4 billion (following EUR 4.6 billion in April). Over 12 months, the current account balance stood at EUR -5,7 billion, compared with EUR -13.1 billion a year earlier.
In May 2026 (cumulative data over 12 months) the financial account recorded net capital outflows of EUR 21.2 billion (compared with net inflows of EUR 18.3 billion in May 2025). Direct investment and portfolio investment posted net outflows of EUR 55.5 billion and EUR 7.6 billion respectively (compared with net outflows of EUR 5.7 billion and EUR 93.0 billion one year earlier). Net outflows related to financial derivatives reached EUR 48.4 billion, compared with net inflows of EUR 14.6 billion a year earlier. Finally, other investments recorded net inflows of EUR 90.8 billion (following net inflows of EUR 107.0 billion in May 2025).
In May 2026 (cumulative data over 12 months) the financial account recorded net capital outflows of EUR 21.2 billion (compared with net inflows of EUR 18.3 billion in May 2025). Direct investment and portfolio investment posted net outflows of EUR 55.5 billion and EUR 7.6 billion respectively (compared with net outflows of EUR 5.7 billion and EUR 93.0 billion one year earlier). Net outflows related to financial derivatives reached EUR 48.4 billion, compared with net inflows of EUR 14.6 billion a year earlier. Finally, other investments recorded net inflows of EUR 90.8 billion (following net inflows of EUR 107.0 billion in May 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) | May- 2025 | May- 2026 | Apr- 2026 | May- 2026 |
| Current account | -13.1 | -5.7 | -0.6 | -0.1 |
| Goods | -62.8 | -51.9 | -4.0 | -5.5 |
| Energy | -46.8 | -38.8 | -4.6 | -4.2 |
| Goods excl. Energy | -15.9 | -13.1 | 0.6 | -1.3 |
| Services | 49.2 | 50.1 | 4.6 | 6.4 |
| Travel | 16.9 | 22.1 | 2.1 | 2.2 |
| Transport services | 3.3 | -0.2 | 0.3 | 0.5 |
| Professional and management consulting services,
Research and development and Technical services , trade-related and other business services |
12.8 | 13.1 | 0.8 | 1.8 |
| Other services | 16.2 | 15.1 | 1.5 | 1.9 |
| Income | 0.5 | -3.9 | -1.3 | -1.0 |
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) | May- 2025 | May- 2026 | Apr- 2026 | May- 2026 |
| Financial account | -18.3 | 21.2 | 12.9 | -31.1 |
| Direct investment | 5.7 | 55.5 | 10.1 | -5.3 |
| Abroad | 107.8 | 53.7 | 15.0 | 2.2 |
| In France | 102.1 | -1.8 | 4.9 | 7.5 |
| Portfolio investment | 93.0 | 7.6 | 28.3 | -0.7 |
| Assets | 310.0 | 309.6 | 56.8 | 18.1 |
| Liabilities | 217.0 | 302.0 | 28.5 | 18.8 |
| Financial derivatives | -14.6 | 48.4 | 7.1 | 11.2 |
| Other investment | -107.0 | -90.8 | -32.7 | -36.4 |
| Reserve assets | 4.7 | 0.4 | 0.0 | 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_202605.pdf
Updated on the 7th of July 2026