Despite serious pan-European problems caused by the increased number of illegal migrants and refugees, as well as the increased pressure on social infrastructure and the state budget, the French economy continues to retain the proud title of one of the most developed and balanced. The harmonious development of many industries allows the republic to achieve a relatively small deficit in the trade balance. French exports have been growing steadily since 2010. Thus improving the foreign economic performance of the state.
French economy: a place on the world stage
As mentioned above, the economy of this country is characterized by the uniform development of many industrial sectors, services, finance and transport. In addition, government agencies and the bureaucratic apparatus are an important part of the French economy. Medicine, education and social services are well developed in the country and are an integral part of a developed national economy.
Despite the highly developed and extensive domestic market, export, as well as cooperation with neighboring states, each of which is economically developed, is of great importance for the French economy. Such a favorable economic and geographical position of the country creates a solid foundation for stability and growth.
Industrial export
There is a great demand on the international market for products manufactured in the Fifth Republic. This is primarily due to its high quality, streamlined control over compliance with industrial standards and advanced technologies used in the manufacture of products.
In the export structure of France, one of the first places in terms of the volume of products sold is occupied by the chemical industry, mechanical engineering - including precision - and pharmaceuticals. Aircraft, food and military industries are also developed.
Many French companies are classified as transnational corporations, distributed not only in France itself, but also in the countries of the European Union and beyond.
Big business and the international market
According to some economists, the French economy ranks sixth in the ranking of the largest economies in the world. These results have been achieved thanks to the traditionally high quality of public administration, higher education and the high value of human capital.
Many French companies are on the list of five hundred largest firms in the world. Such corporations include Carrefour, Peugeot, Renault, as well as one of the largest manufacturers of pharmaceutical substances and vaccines Sanofi-Aventis.
The Michelin brand, whose enterprises specialize in the production of high-quality tires for cars, also gained worldwide fame. The company produces a wide range of tire products used to equip various equipment - from bicycles to airplanes. The company's production facilities are located not only in France, but also in nineteen countries of the world.
Export ideas and capital
Despite the huge volumes of exported industrial products, France, as an active player in the global economy, has long begun to export not only goods, but also capital in the form of investments in developing countries.
Hundreds of different offices, industrial enterprises and research centers operate around the world, the ultimate beneficiary of which is French companies or citizens.Large banks such as Societe Generale, BNP Pariba and Credit Agricole, which have branches in various countries, including Russia, create the infrastructure for free circulation of finance.
Non-essential goods
Of course, it is impossible to imagine export from France without such goods as cheese, wine, expensive clothes and jewelry of world famous brands, as well as watches. The departments of elite products in the hypermarkets of most countries are filled with numerous varieties of French cheeses and wines.
In addition, the image and history of French brands makes them attractive in countries such as China, India and Japan, where there is a high solvent demand. All the leading brands from the fashion industry have their offices in actively developing Asian countries.
Trade with the USA
Of course, there are trade links between the second largest European economy and the United States. The republic mainly supplies overseas industrial chemicals, machinery, especially valuable components for electronic devices, medical equipment and supplies. At the same time, France is the ninth most important trading partner for the United States, significantly inferior primarily to China.
Despite the difficulties faced by the French economy, economists believe that it will have a margin of safety for more than one decade, and French exports will only grow.