Tuesday, January 25

Foreign trade: it will take ten years to absorb the deficit, according to Bruno Le Maire

Bruno Le Maire, during a visit to the ArianeGroup site in Vernon, in the Eure, December 6, 2021 Eric PIERMONT

It will take ten years for France to regain a surplus trade balance, said the Minister of Economy and Finance Bruno Le Maire on Monday, calling for continued reforms to reindustrialize the country.

“It will take ten years to find a trade balance which is positive”, declared on LCI the Minister of the Economy, recalling “that in 2000, we were still in equilibrium”, three days after the publication of a record monthly deficit of 9 billion euros in November.

“It is a question of reversing a trend of 30 years”, insisted Bruno Le Maire who criticized the relocations due “to the fiscal policy, to the economic policy” of governments until 2017.

“The large industrial groups have kept their headquarters in France but have relocated their subsidiaries and jobs abroad,” he explained. “62% of industrial jobs for these large French groups are abroad. In Germany, it is 38%, in Italy, it is 26%,” said the minister.

Bruno Le Maire reiterated his proposal made on Friday at a press conference to lower production taxes even further over the next five years as well as social contributions on wages above 2.5 Smic.

“When I look at an engineer, it can cost up to three times more in France than in Germany because we have removed the cap on social contributions”, he said, saying “wanting to fight for French reindustrialisation by putting the reality of the problems on the table “.

He also said he wanted to act with manufacturers on training policy, in particular apprenticeship training centers (CFA), to overcome the lack of skills on French territory.

“The industry must regain its luster, its prestige, that it be envied,” exclaimed the minister.


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