The Treasurer’s Guide to Trade Finance

France

Economic and trade overview

Key figures

Economy 2011 Trade 2011 (USD billion)

GDP (USD) 2,774 bn Goods Exports 594

GDP per capita (USD) 43,936 Imports 682

GDP volume growth (year-on-year) + 1.7% Net – 88

Population 63.13m Services Exports 211

Interest rate (for corporations funding stocks

up to one year) 2.87%

Imports 191

Net + 20

Exchange rate EUR / USD (year average) 0.7194 Source: IFS, IMF, January 2013

BoP (goods, services & income) as % of GDP – 0.1%

International/Regional memberships

European Union (EU): founding member
since 25 March 1957. France is also a
member of the European Economic Area
(EEA).

International Monetary Fund (IMF):
since 27 December 1945.

World Trade Organization (WTO):
since 1 January 1995.

Government trade policy

ƒ France implements the EU’s trade
regulations, commercial policies and
customs code (ec.europa.eu/trade).

ƒ France trades freely with its fellow EEA

member states as well as Switzerland.

ƒ The EU has in place bilateral trade

agreements with 36 countries and regional

trade agreements with a number of trading

blocs.

ƒ National export credit insurance provider:

Coface (Compagnie Française d’Assurance

pour le Commerce Extérieur —

http://www.coface.fr). It also provides export credit

on behalf of the government.

ƒ The EU maintains 74 free trade zones, two

of which are located in France (Free Zone

of Verdon – Port de Bordeaux and Zone

Franche de Guyane).

Currency and exchange controls

Official currency: Euro (EUR).

Exchange rate arrangement: free floating.

France does not impose foreign exchange
controls.

Bank accounts

Permission to hold currency accounts

Within

France

Outside

France

EURForeign currency EURForeign currency

Resident

company ✔ ✔ ✔ ✔

Non-resident

company ✔ ✔ ✔ N/A