In May 2026, the trade balance deteriorated by €1.5 billion to -€6.9 billion, after the improvement observed in April (+€1.0 billion). This change is explained by a decline in exports (-€1.1 billion) combined with a more moderate increase in imports (+€0.4 billion).

• The decrease in exports in May 2026 is mainly due to the decline in sales of military equipment (-€0.8 billion), as a result of very dynamic exports in April (+€0.6 billion). Exports of mechanical, electronic and computer equipment also decreased (-€0.4 billion). Conversely, deliveries of transport equipment increased (+€0.2 billion), particularly aeronautics and space industry products (+€0.5 billion).
• The increase in imports in May 2026 is largely due to an increase in acquisitions of transport equipment (+€0.4 billion), in particular automotive products (+€0.3 billion). Conversely, supplies of energy products decreased in value (-€0.4 billion) as a result of a further drop in volumes and the fall in prices after two months of increases.