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France's Deficit Widens as Exports Drop

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France's trade deficit widened to record levels in October, as exports were hard hurt by the global economy slowdown, official data showed on Tuesday.

According to the data, the October deficit expanded to 7.07 billion euros (US$9.08 billion), against the forecast of 5.65 billion euros and 5.961 billion eruos in September.

The exports of France, the world's fifth largest exporter, fell 4.5 percent to 32.56 billion euros in October from 34.09 billion in September due to a dismal performance for industry output in its core European markets. While, the imports of France fell to 39.63 billion euros from 40.05 billion euros.

France's budget deficit grew to 60.7 billion euros at the end of October, compared to 52.7 billion euros in the same period last year, the Budget Ministry said in a statement.

Exports from Germany also fell in October. France's Finance Minister Christine Lagarde said France could "do better."

(Xinhua News Agency December 10, 2008)