Bilateral trade between France and New Zealand in 2016 [fr]
After an exceptional year in 2015, bilateral trade totalled €913 million in 2016 (-17%). According to French customs services, exports from France dropped 26% to €530m, impacted by the fall of aeronautical exports due to the delivery timeframe for orders from Airbus. Imports from New Zealand to France recorded a more moderate drop of -3,9% to €381m. France maintained a trade surplus of €150m, half that for 2015.
After an exceptional 2015, bilateral trade flows fell, from €1.1 billion to €913m at the end of 2016. This development can be explained by the reduction of French exports (-26%) in the context of a modest reduction of imports (-3,9%). In 2016, New Zealand was France’s 66th ranked customer (63rd in 2015) and the 71st ranked supplier (70th in 2015).
French exports to New Zealand represent 0.12% of France’s total exports (0.15% in 2015) and imports from New Zealand represent 0.07% of total imports (no change froml 2015).
French exports, heavily dependent on the delivery of aircraft, are more volatile than imports from New Zealand, comprising mainly agricultural products.
After halving between 2006 and 2009 to €201.2m, French exports rebounded to reach a record high of €700m in 2015, before returning to €532m in 2016. Imports from New Zealand, on the other hand, have shown greater stability, sitting between €300m and €400m (€396m in 2016).
France had its first bilateral trade deficit between 2006 and 2010, reaching an history low of €-138.6m in 2009, but the appreciation of the dollar helped a return to surplus in 2011 (€48.8m).
Despite changes in the exchange rate over the period, the surplus continued from 2013 onward (reaching a high of €304m in 2015), totalling €150m in 2016, making it France’s 47th ranked bilateral trade surplus (28th in 2015).
After a record high in 2015, French exports totalled €532m, a drop of 26% due primarily to the aircraft delivery schedules.
Despite a reduction of 41.6%, transport equipment (47% of exports) remains the top sector for French exports to New Zealand at €250m, generating a net €248m, more than the entire trade surplus.
The drop in sales can mainly be attributed to aircraft exports (€226m; -42.9%). The drop is temporary, as exports of aeronautical equipment depend on contracts signed by Airbus with national airline Air New Zealand. While significant deliveries in 2015 led exports in this sector to rise 111%, 2016 was a quieter year.
The delivery of 13 Airbus neo (A320 et A321) is expected to start in 2017 and continue until 2019. 2017 should see (as in 2016) the delivery of two ATR72-600, with 16 other aircraft to be delivered by 2020.
The second-ranked sector, sales of industrial and agricultural machinery, rose 5.5% to €60.8m. Impacted by the dairy crisis and farm debt levels, sales of agricultural and forestry machinery fell (€28.7m; -9.2%), but more vigourous investment by businesses boosted sales of hoisting and handling equipment (€7m; +10.3%), machines for extraction and construction (€4m; +18.4%), and machines for the agriculture and food processing industry (€4.2m; +79%).
Food processing industry products, the third ranked sector, also rose 5% to €54.4m, supported mainly by the growth of wine exports (€18.9m; +13.3%), while exports of dairy products and cheeses fell (€13.9m; -18.9%).
Other sectors had mixed fortunes: chemical products, perfumes and cosmetics dropped (€-36.9m; -14.8%), while electrical appliances and equipment rose €21.3m (12.4%) and pharmaceutical products rose €20.5m (+8,8%).
Imports from New Zealand, comprising mainly agricultural and food products, fell €381m (€-15m, or -3.9%).
The food products industry, the top import sector for France, represents by itself 50% of imports, at €190.6m, despite a fall of 11.8%.
Within this sector, New Zealand meat exports (63.9% of food product exports and 31.9% of total exports) fell 17.8% to €121m and cheeses and dairy products (13.9% of food products) fell 18.1% to €26.5m, changes which can mainly be explained by a reduction in livestock numbers between 2015 and 2016.
However, sales of New Zealand wines rose (€14.8m; +13.2%), as did prepared and preserved fish products (€26.2m; +20.5%).
Imports of agricultural, forestry, fishing and aquacultural products, the seocnd-ranked sector (20.4% of total imports) rose 20.8% to €77.9m. The rise was supported by fruits - excluding stone fruit and pipfruit (up 16.7% to €45m) and grains, pulses and oilseeds (up 99% to €14.7m), while imports of melon, root and tuber vegetables dropped 2.2% to €8m. Stone fruit and pipfruit imports fell 10.5 to €3.7 M€).
Metal and metallurgy products, the third-ranked import sector, comprising essentially aluminium (€20.3m), fell 30.3% to €22.4m.
Source : Direction générale du Trésor (in French)
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