In March 2026, the trade balance fell by a further €1.4 billion to -€6.9 billion. This change is explained by a further marked increase in imports (+€1.8 billion), partially offset by a slower increase in exports (+€0.5 billion).

• The increase in imports is mainly due to the increase in supplies of energy products (+€1.6 billion), particularly from Kazakhstan. This increase in value is explained in particular by the increase in energy prices in connection with the crisis in the Middle East.
• The growth in exports, although more moderate, is also caused by the increase in deliveries of energy products (+ 0.4 billion euros, i.e. +0.2 billion euros of refined petroleum products and +0.2 billion euros of electricity) in the context of rising prices.