法国在2025年3月公布了14亿欧元的经常账户盈余，与前一个月向下修正的16亿欧元赤字有所不同。这标志着自2024年12月以来的首次经常账户盈余，因为商品账户缺口从2025年2月的62亿欧元缩小到43亿欧元。此外，服务账户盈余从上个月的42亿欧元扩大到2025年3月的53亿欧元。与此同时，主要收入盈余从上个月的43亿欧元略微降至2025年3月的42亿欧元，而次要收入赤字保持不变，为39亿欧元。

France posted a current account surplus of EUR 1.4 billion in March 2025, shifting from a downwardly revised EUR 1.6 billion deficit in the previous month. This marked the first current account surplus since December 2024, as goods account shortfall narrowed to EUR 4.3 billion from EUR 6.2 billion in February 2025. In addition, services account surplus widened to EUR 5.3 billion in March 2025 from EUR 4.2 billion in the previous month. Meanwhile, primary income surplus slightly decreased to EUR 4.2 billion in March 2025 from EUR 4.3 billion in the prior month, while the secondary income deficit remained unchanged at EUR 3.9 billion.

2025年4月，法国HCOB建筑业采购经理人指数为43.6，与上月的43.8相比变化不大，表明该行业再次出现月度大幅收缩，并将该行业的衰退延长至近三年。新订单的持续短缺阻碍了所有领域的活动，尽管住宅建筑的下降是自去年11月以来最温和的。这促使建筑公司进一步削减采购活动和人员配备水平。与此同时，数据显示，法国建筑商的运营成本再次上升，尽管增长速度仍远低于近25年的长期调查平均水平。该行业持续疲软也导致分包商使用率急剧下降，分包商的使用率连续第四个月下降。最后，由于订单管道疲软，法国建筑公司对12个月的前景持悲观态度，尽管情绪不如2024年的平均水平那么消极。

The HCOB Construction PMI in France came in at 43.6 in April 2025, little changed from 43.8 in the prior month, indicating another sharp monthly contraction and extending the sector's downturn to nearly three years. A continued shortage of new orders hindered activity across all segments, though the decline in residential construction was the mildest since November last year. This prompted construction firms to make additional reductions to purchasing activity and staffing levels. Meanwhile, data signaled a renewed uptick in operating costs for French constructors, though the pace of increase remained well below the long-term survey average spanning nearly 25 years. The sector’s ongoing weakness also led to a steep decline in subcontractor usage, with their rates falling for the fourth consecutive month. Finally, French construction firms stayed pessimistic about the 12-month outlook due to weak order pipelines, though sentiment was less negative than the 2024 average.

CAC 40指数周三下跌0.5%，至7660点，连续第三个交易日下跌，因为投资者在美联储当天晚些时候宣布货币政策之前普遍持谨慎态度。虽然人们普遍预计美联储将保持利率不变，但投资者关注的是有关货币政策未来轨迹的任何信号。与此同时，投资者继续关注美中贸易关系的发展，谈判定于本周在日内瓦举行，同时也在消化新一波的企业盈利。在个股中，赛诺菲以3.1%的跌幅领跌，而罗格朗则表现最佳，在报告第一季度销售额强于预期后上涨2.1%。在国内经济方面，法国的出口环比增长5.6%，达到526亿欧元，受美国关税的影响，对美国的出口从2月份的8%放缓至仅2.8%。与此同时，进口以2.3%的温和速度增长，达到588亿欧元。

The CAC 40 fell 0.5% to 7,660 on Wednesday, marking its third consecutive session of losses as investor caution prevailed ahead of the Federal Reserve’s monetary policy announcement later in the day. While the Fed is widely expected to keep interest rates unchanged, investors are focused on any signals regarding the future trajectory of monetary policy. Meanwhile, investors continued to navigate developments in U.S.-China trade relations, with talks scheduled to take place this week in Geneva, while also digesting a new wave of corporate earnings. Among individual stocks, Sanofi led the laggards with a 3.1% drop, while Legrand emerged as the top performer, gaining 2.1% after reporting stronger-than-expected Q1 sales. On the domestic economic front, exports from France rose by 5.6% month-on-month to €52.6 billion, with shipments to the US slowing to just 2.8% from 8% in February, amid the impact of US tariffs. Meanwhile, imports rose at a more modest pace of 2.3% to €58.8 billion.

法国的贸易逆差从2月份的77亿欧元缩小到2025年3月的62亿欧元，而市场预期为69亿欧元。这标志着三个时期以来贸易逆差最小，出口环比增长5.6%，达到526亿欧元，这得益于运输设备（+25.3%）、计划和技术图纸（+50%）以及艺术品、古董和收藏品（+23.2%）的强劲销售。所有主要地区的出口都出现了增长，特别是亚洲（+6.9%）、中东（+5.9%），欧盟（+1.7%）和非洲（+1%）。值得注意的是，受美国征收关税的影响，对美国的出口增长放缓至仅2.8%，而2月份的增长率为8%。与此同时，进口增长2.3%，至588亿欧元，其中计划和技术图纸（+25%）、天然碳氢化合物（+7.1%）和农产品（+4.3%）的进口量有所增加。从地区来看，来自非洲（+31.5%）、亚洲（+5.4%）和中东（+4.9%）的进口有所上升，而来自欧盟（-0.2%）和美国（-1.2%）的进口则有所下降。

France's trade deficit narrowed to €6.2 billion in March 2025 from €7.7 billion in February and compared to market expectations of €6.9 billion. This marks the smallest trade gap in three periods, as exports rose by 5.6% month-on-month to €52.6 billion, driven by strong sales of transport equipment (+25.3%), plans and technical drawings (+50%), and art, antiques, and collectibles (+23.2%). Export growth was seen across all major regions, particularly Asia (+6.9%), Middle East (+5.9%), EU (+1.7%), and Africa (+1%). Notably, export growth softened to only 2.8% to the US, compared to an 8% gain in February, influenced by the imposition of US tariffs. Meanwhile, imports grew by a softer 2.3% to €58.8 billion, with arrivals rising for plans and technical drawings (+25%), natural hydrocarbons (+7.1%), and agri-food products (+4.3%). Regionally, imports rose from Africa (+31.5%), Asia (+5.4%), and the Middle East (+4.9%), while falling from the EU (-0.2%) and America (-1.2%).