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According to the bimonthly survey of managers of companies surveyed in May 2024, the bimonthly business environment in wholesale trade deteriorated slightly. The composite indicator, at 94, fell by 1 point compared to March 2024 and thus remains well below its long-term average (100). This deterioration reflects, in particular, a decline in the balance of opinions on past export sales and goods received from abroad.
GraphicsComprehensive indicators
| Comprehensive indicators | |
|---|---|
| 2024-B3 | 93.7 |
| 2024-B2 | 95.3 |
| 2024-B1 | 91.1 |
| 2023-B6 | 91.4 |
| 2023-B5 | 93.6 |
| 2023-B4 | 92.1 |
| 2023-B3 | 93.7 |
| 2023-B2 | 98.0 |
| 2023-B1 | 97.1 |
| 2022-B6 | 100.0 |
| 2022-B5 | 95.6 |
| 2022-B4 | 100.4 |
| 2022-B3 | 100.5 |
| 2022-B2 | 104.6 |
| 2022-B1 | 116.0 |
| 2021-B6 | 114.6 |
| 2021-B5 | 110.0 |
| 2021-B4 | 112.4 |
| 2021-B3 | 110.3 |
| 2021-B2 | 99.3 |
| 2021-B1 | 96.3 |
| 2020-B6 | 86.9 |
| 2020-B5 | 90.8 |
| 2020-B4 | 78.1 |
| 2020-B3 | 66.4 |
| 2020-B2 | 97.1 |
| 2020-B1 | 105.0 |
| 2019-B6 | 106.1 |
| 2019-B5 | 106.1 |
| 2019-B4 | 105.2 |
| 2019-B3 | 107.4 |
| 2019-B2 | 105.7 |
| 2019-B1 | 100.8 |
| 2018-B6 | 103.5 |
| 2018-B5 | 103.5 |
| 2018-B4 | 101.4 |
| 2018-B3 | 104.8 |
| 2018-B2 | 109.8 |
| 2018-B1 | 108.5 |
| 2017-B6 | 110.7 |
| 2017-B5 | 108.5 |
| 2017-B4 | 108.7 |
| 2017-B3 | 104.7 |
| 2017-B2 | 102.9 |
| 2017-B1 | 105.0 |
| 2016-B6 | 98.1 |
| 2016-B5 | 97.4 |
| 2016-B4 | 103.0 |
| 2016-B3 | 101.8 |
| 2016-B2 | 99.6 |
| 2016-B1 | 102.5 |
| 2015-B6 | 101.7 |
| 2015-B5 | 99.4 |
| 2015-B4 | 102.0 |
| 2015-B3 | 101.0 |
| 2015-B2 | 96.3 |
| 2015-B1 | 95.7 |
| 2014-B6 | 95.3 |
| 2014-B5 | 90.8 |
| 2014-B4 | 96.1 |
| 2014-B3 | 97.8 |
| 2014-B2 | 98.0 |
| 2014-B1 | 97.1 |
| 2013-B6 | 97.8 |
| 2013-B5 | 97.0 |
| 2013-B4 | 87.5 |
| 2013-B3 | 87.7 |
| 2013-B2 | 88.3 |
| 2013-B1 | 88.9 |
| 2012-B6 | 89.0 |
| 2012-B5 | 90.9 |
| 2012-B4 | 94.8 |
| 2012-B3 | 92.8 |
| 2012-B2 | 99.4 |
| 2012-B1 | 95.4 |
| 2011-B6 | 96.0 |
| 2011-B5 | 100.1 |
| 2011-B4 | 105.9 |
| 2011-B3 | 107.3 |
| 2011-B2 | 108.3 |
| 2011-B1 | 106.2 |
| 2010-B6 | 104.6 |
| 2010-B5 | 105.2 |
| 2010-B4 | 100.4 |
| 2010-B3 | 94.7 |
| 2010-B2 | 85.1 |
| 2010-B1 | 85.1 |
| 2009-B6 | 78.0 |
| 2009-B5 | 76.5 |
| 2009-B4 | 70.9 |
| 2009-B3 | 68.6 |
| 2009-B2 | 67.2 |
| 2009-B1 | 79.2 |
| 2008-B6 | 84.0 |
| 2008-B5 | 94.3 |
| 2008-B4 | 96.7 |
| 2008-B3 | 101.6 |
| 2008-B2 | 106.7 |
| 2008-B1 | 107.4 |
| 2007-B6 | 109.0 |
| 2007-B5 | 111.6 |
| 2007-B4 | 107.7 |
| 2007-B3 | 110.6 |
| 2007-B2 | 111.7 |
| 2007-B1 | 108.2 |
| 2006-B6 | 110.2 |
| 2006-B5 | 107.0 |
| 2006-B4 | 107.5 |
| 2006-B3 | 102.0 |
| 2006-B2 | 99.3 |
| 2006-B1 | 103.8 |
| 2005-B6 | 99.5 |
| 2005-B5 | 94.8 |
| 2005-B4 | 96.1 |
| 2005-B3 | 92.4 |
| 2005-B2 | 97.5 |
| 2005-B1 | 100.8 |
chartComprehensive indicators
- Source: INSEE – Survey of Business Trends in Wholesale Trade.
The balance of opinion regarding past export sales has fallen back significantly
In May 2024, wholesalers’ views on past export sales fell sharply after a four-month rise and fell below the long-term average. The decline was most significant in the sub-sectors of household goods, information and communication equipment wholesale trade, “other industrial capital goods” and “other professional wholesale trade”.
The balance of opinions related to all past sales is almost stable and below the long-term average.
The balance related to goods received from abroad has partially retreated and deviated from its long-term average, while the balance related to goods received, regardless of their origin, has remained almost stable and well below its own level.
The order intention balance remained almost stable, below its own level, while the overseas order intention balance has fallen back and is below the average level.
Finally, the balance of the overall business outlook increased for the third consecutive two months and remained slightly above its own level.
GraphicsEconomic Outlook for the Wholesale Trade Industry
Balance of opinion (%) SA
| Avenue (1) | November 23 | January 24 | March 24 | May 24 | |
|---|---|---|---|---|---|
| Business Environment | 100 | 91 | 91 | 95 | 94 |
| Overall business outlook | -twenty three | -35 | -34 | -27 | -twenty two |
| Sales | -14 | -26 | -27 | -25 | -26 |
| Export Sales | -15 | -twenty two | -17 | -12 | -twenty two |
| Received the goods | -10 | -19 | -twenty one | -twenty two | -twenty three |
| Received from abroad | -11 | -19 | -twenty three | -15 | -18 |
| Order Intention | -15 | -twenty two | -twenty one | -17 | -18 |
| Ordering from abroad | -15 | -twenty three | -20 | -16 | -19 |
| Overseas delivery | -15 | -twenty three | -17 | -10 | -17 |
| stock | 8 | Thirteen | 11 | 7 | 6 |
| Past Workforce | -1 | -6 | -9 | -9 | -11 |
| Expected Workforce | -2 | -4 | -4 | -1 | -3 |
| Cash Position | -9 | -9 | -10 | -10 | -8 |
| Past selling price | 8 | 3 | 0 | -6 | -4 |
| Expected selling price | 15 | 7 | 7 | 3 | 2 |
- (1) Average since July 1979.
- Data source: INSEE-Wholesale Trade Business Trends Survey
There was little change in views on past and expected sales prices
In May 2024, the balance of opinion among wholesalers on past sales prices rebounded slightly, while the balance of opinion on expected prices fell slightly, both of which are well below their long-term averages.
GraphicsExpected prices for wholesale trade
| Expected Price | |
|---|---|
| 2024-B3 | 2.2 |
| 2024-B2 | 3.2 |
| 2024-B1 | 7.0 |
| 2023-B6 | 6.5 |
| 2023-B5 | 9.2 |
| 2023-B4 | 3.6 |
| 2023-B3 | 6.7 |
| 2023-B2 | 27.6 |
| 2023-B1 | 38.0 |
| 2022-B6 | 40.6 |
| 2022-B5 | 41.0 |
| 2022-B4 | 42.7 |
| 2022-B3 | 48.5 |
| 2022-B2 | 47.4 |
| 2022-B1 | 37.0 |
| 2021-B6 | 39.7 |
| 2021-B5 | 33.6 |
| 2021-B4 | 32.2 |
| 2021-B3 | 26.2 |
| 2021-B2 | 18.6 |
| 2021-B1 | 10.5 |
| 2020-B6 | -3.5 |
| 2020-B5 | 4.7 |
| 2020-B4 | 1.3 |
| 2020-B3 | -4.2 |
| 2020-B2 | -1.4 |
| 2020-B1 | 7.9 |
| 2019-B6 | 6.9 |
| 2019-B5 | 3.2 |
| 2019-B4 | 3.2 |
| 2019-B3 | 2.7 |
| 2019-B2 | 4.7 |
| 2019-B1 | 7.7 |
| 2018-B6 | 8.2 |
| 2018-B5 | 12.4 |
| 2018-B4 | 9.0 |
| 2018-B3 | 6.4 |
| 2018-B2 | 13.0 |
| 2018-B1 | 8.3 |
| 2017-B6 | 10.2 |
| 2017-B5 | 3.8 |
| 2017-B4 | 5.3 |
| 2017-B3 | 4.1 |
| 2017-B2 | 5.1 |
| 2017-B1 | 9.2 |
| 2016-B6 | 2.4 |
| 2016-B5 | -2.8 |
| 2016-B4 | 0.1 |
| 2016-B3 | -0.9 |
| 2016-B2 | -3.4 |
| 2016-B1 | -5.7 |
| 2015-B6 | -1.4 |
| 2015-B5 | -8.2 |
| 2015-B4 | 2.9 |
| 2015-B3 | 5.1 |
| 2015-B2 | -0.5 |
| 2015-B1 | -6.7 |
| 2014-B6 | -10.7 |
| 2014-B5 | -8.7 |
| 2014-B4 | -4.2 |
| 2014-B3 | -0.8 |
| 2014-B2 | 2.1 |
| 2014-B1 | 6.0 |
| 2013-B6 | 0.5 |
| 2013-B5 | 0.3 |
| 2013-B4 | -3.9 |
| 2013-B3 | -3.2 |
| 2013-B2 | -2.2 |
| 2013-B1 | 5.1 |
| 2012-B6 | 5.5 |
| 2012-B5 | 11.3 |
| 2012-B4 | 8.9 |
| 2012-B3 | 6.0 |
| 2012-B2 | 11.7 |
| 2012-B1 | 11.0 |
| 2011-B6 | 14.2 |
| 2011-B5 | 6.2 |
| 2011-B4 | 11.9 |
| 2011-B3 | 19.8 |
| 2011-B2 | 24.6 |
| 2011-B1 | 22.9 |
| 2010-B6 | 8.7 |
| 2010-B5 | 11.5 |
| 2010-B4 | 8.6 |
| 2010-B3 | 5.1 |
| 2010-B2 | 0.2 |
| 2010-B1 | -3.9 |
| 2009-B6 | -7.2 |
| 2009-B5 | -6.8 |
| 2009-B4 | -11.9 |
| 2009-B3 | -7.5 |
| 2009-B2 | -12.5 |
| 2009-B1 | -5.5 |
| 2008-B6 | 0.4 |
| 2008-B5 | 10.3 |
| 2008-B4 | 18.8 |
| 2008-B3 | 15.3 |
| 2008-B2 | 18.6 |
| 2008-B1 | 26.9 |
| 2007-B6 | 23.9 |
| 2007-B5 | 20.9 |
| 2007-B4 | 16.2 |
| 2007-B3 | 14.1 |
| 2007-B2 | 10.1 |
| 2007-B1 | 10.2 |
chartExpected prices for wholesale trade
- Source: INSEE – Survey of Business Trends in Wholesale Trade.
Wholesalers are pessimistic about expected changes in the size of their workforce
The balance of views on past and expected changes in the size of the labor force has weakened somewhat, with the former deviating from its long-term average and the latter returning below its level.
The balance of opinion on inventory levels remained almost stable
The balance of opinion on stock levels remained almost stable, slightly below average. Stock levels fell in particular in the wholesale trade of raw agricultural products and live animals, the wholesale trade of information and communication equipment and the “other specialized wholesale trade”.
Finally, balances related to cash positions rose slightly and have returned to above their long-term averages.
GraphicsBalance of opinion on the wholesale trade sub-sector
Balance of opinion, expressed as % SA
| Avenue (1) | November 23 | January 24 | March 24 | May 24 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Sales | -13 | -28 | -33 | -17 | -11 |
| Export Sales | -16 | -twenty three | -twenty two | -13 | -13 |
| Goods received from abroad | -11 | -26 | -25 | -12 | -14 |
| Order Intention | -13 | -20 | -twenty one | -9 | -6 |
| existing stocks | 5 | 4 | 18 | 14 | 11 |
| food and drinks | |||||
| Sales | -15 | -twenty one | -twenty two | -15 | -19 |
| Export Sales | -13 | -twenty four | -twenty three | -12 | -16 |
| Goods received from abroad | -13 | -7 | -15 | -1 | 2 |
| Order Intention | -11 | -twenty one | -14 | -12 | -11 |
| existing stocks | 4 | Thirteen | 3 | 4 | 9 |
| household items | |||||
| Sales | -10 | -14 | -8 | -7 | -16 |
| Export Sales | -11 | -16 | -10 | -2 | -20 |
| Goods received from abroad | -6 | -16 | -twenty three | -11 | -twenty one |
| Order Intention | -13 | -11 | -15 | -12 | -15 |
| existing stocks | 12 | Thirteen | twenty one | 7 | 9 |
| Information and communication equipment | |||||
| Sales | -8 | -19 | -28 | -20 | -13 |
| Export Sales | -12 | -12 | -20 | -14 | -29 |
| Goods received from abroad | -7 | -28 | -26 | -twenty four | -14 |
| Order Intention | -10 | -11 | -15 | -2 | -5 |
| existing stocks | 8 | 16 | 8 | Thirteen | 10 |
| Other industrial capital goods | |||||
| Sales | -16 | -27 | -25 | -36 | -35 |
| Export Sales | -twenty one | -34 | -17 | -twenty one | -30 |
| Goods received from abroad | -11 | -twenty three | -17 | -13 | -26 |
| Order Intention | -twenty one | -33 | -29 | -27 | -30 |
| existing stocks | 12 | twenty three | 19 | 17 | 20 |
| Other professional wholesale trade | |||||
| Sales | -17 | -38 | -44 | -44 | -41 |
| Export Sales | -18 | -twenty two | -15 | -11 | -twenty two |
| Goods received from abroad | -13 | -twenty three | -27 | -25 | -twenty one |
| Order Intention | -18 | -29 | -29 | -26 | -twenty four |
| existing stocks | 6 | 8 | 4 | -1 | -8 |
- (1) Average since July 1979.
- Data source: INSEE-Wholesale Trade Business Trends Survey
Revision
The wholesale trade business climate index remained unchanged in March 2024 (after rounding).
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