French trade deficit surges to record high

Note: This section contains information in English only.
Source: Bloomberg
French trade gap soared to a record high in 2011, signalling a decline in nation's competitiveness. The trade shortfall widened from EUR 51.1 billion in 2010 to EUR 69.6 billion in 2011, reported trade ministry today. Exports rose 8.6% while imports surged 12%. President Sarkozy proposed to tackle country's trade gap through cutting payroll taxes while increasing the sales tax.

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