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The Franco-American Trade - Essay Example
Being a member of the Europe Union, France is also a member of the World Trade Organization. The EU commission speaks on the behalf for all EU states unless there is a variance in the laws but in most cases, all EU states are represented by the Commission…
French exports stood at 1,427 billion francs ($285.4 billion) in 1995, 22% of GDP while the imports amounted to 1,322 billion francs ($264.4 billion). The figured showed a substantial increase in the surplus in durable goods (over 58 billion francs, $11.6 billion), a 20 billion-franc surplus ($4 billion) in farm products, a surplus of 31 billion francs ($6.2 billion) in agri-foodstuffs, a declining energy bill and a rise of 19% in electricity exports.(Stern 47)
Being a member of the European Union results in a lot of internal trading between the EU countries, hence France's European Union partners absorb 64% of its trade. According to the survey carried out in the 1990s, the country had a trade surplus of 27 billion francs ($5.4 billion) with the EU in 1995. The main trading partners of France are Germany, Italy, the United Kingdom, Belgium and Spain, along with the United States.
As pointed out above France and United Kingdom are major trading partners. France is UK's third largest market and has been importing from Britain for the last twenty odd years. France has the distinction of being UK's third largest supplier providing 7.2% of UK imports only behind Germany (14.6%) and the USA (9.5%), while ahead of the Netherlands (7.1%) and China (6.8%). The United Kingdom is Frances's fourth export market making 8.3% total exports, after Germany (14.7%), Spain (9.9%) and Italy (9.5%).
The United Kingdom is France's seventh supplier, as it pr ...