Cocoa and coffee weigh down France's agri-food trade balance

The French gluttony is widening the country's trade deficit. In May, the French agri-food trade balance turned bright red. It reached a deficit of €432 million, its highest in twenty-five years, according to data published Wednesday, July 16, by the Ministry of Agriculture. A year earlier, in May 2024, it was slightly in surplus, amounting to €11 million. The cause: imports of cocoa and chocolate products, which weighed down the trade balance.

This does not mean that the French have been gripped by a confectionery binge. The explosion in the price of brown powder, marked by a near doubling in over a year, against a backdrop of supply shortages, largely explains the increased bill. Similarly, the equally speculative surge in coffee prices is weighing on balance sheets. As a result, purchases of cocoa and coffee as raw materials added nearly €100 million to the trade deficit in May, bringing the total amount to €259 million.

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