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Informations Rapides · 24 November 2022 · n° 305
Informations rapidesIn November 2022, the business climate in wholesale trade has improved Bi-monthly survey of wholesaling - November 2022

According to the business managers surveyed in November 2022, the bimonthly business climate in wholesale trade has improved. The composite indicator has gained five points compared to September 2022 and stands at 102. It has thus moved back above its long-term average (100). This improvement of the climate is mainly due to the sharp rise in the balance of opinion regarding the volume of merchandise received from abroad, and, to a lower extent, by the increase of the balance related to the volume of past sales.

Informations rapides
No 305
Paru le :Paru le24/11/2022
Prochaine parution le : 19/09/2025 at 08:45 - September 2025
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According to the business managers surveyed in November 2022, the bimonthly business climate in wholesale trade has improved. The composite indicator has gained five points compared to September 2022 and stands at 102. It has thus moved back above its long-term average (100). This improvement of the climate is mainly due to the sharp rise in the balance of opinion regarding the volume of merchandise received from abroad, and, to a lower extent, by the increase of the balance related to the volume of past sales.

Composite indicator

Composite indicator
Composite indicator
2022-B6 101.6
2022-B5 96.6
2022-B4 101.6
2022-B3 100.6
2022-B2 104.7
2022-B1 114.9
2021-B6 114.1
2021-B5 109.2
2021-B4 112.8
2021-B3 109.3
2021-B2 98.5
2021-B1 95.3
2020-B6 87.4
2020-B5 90.8
2020-B4 78.7
2020-B3 66.0
2020-B2 96.6
2020-B1 103.8
2019-B6 106.0
2019-B5 105.8
2019-B4 105.7
2019-B3 106.8
2019-B2 105.2
2019-B1 99.7
2018-B6 103.3
2018-B5 103.2
2018-B4 102.0
2018-B3 103.8
2018-B2 109.1
2018-B1 107.1
2017-B6 110.4
2017-B5 108.3
2017-B4 109.5
2017-B3 104.0
2017-B2 102.7
2017-B1 103.9
2016-B6 97.7
2016-B5 97.3
2016-B4 102.9
2016-B3 101.6
2016-B2 99.3
2016-B1 102.1
2015-B6 101.3
2015-B5 99.2
2015-B4 101.8
2015-B3 100.6
2015-B2 96.1
2015-B1 95.6
2014-B6 95.3
2014-B5 90.9
2014-B4 96.1
2014-B3 97.7
2014-B2 97.8
2014-B1 96.9
2013-B6 97.5
2013-B5 96.7
2013-B4 87.3
2013-B3 87.8
2013-B2 88.2
2013-B1 88.9
2012-B6 89.0
2012-B5 90.8
2012-B4 94.7
2012-B3 92.8
2012-B2 99.2
2012-B1 95.3
2011-B6 95.9
2011-B5 99.9
2011-B4 105.6
2011-B3 107.1
2011-B2 108.1
2011-B1 105.8
2010-B6 104.3
2010-B5 104.8
2010-B4 100.4
2010-B3 94.4
2010-B2 84.9
2010-B1 84.9
2009-B6 77.7
2009-B5 76.3
2009-B4 70.7
2009-B3 68.6
2009-B2 67.3
2009-B1 79.3
2008-B6 84.0
2008-B5 94.4
2008-B4 96.7
2008-B3 101.5
2008-B2 106.6
2008-B1 107.2
2007-B6 108.5
2007-B5 111.3
2007-B4 107.2
2007-B3 110.1
2007-B2 111.6
2007-B1 107.8
2006-B6 110.1
2006-B5 106.7
2006-B4 107.3
2006-B3 101.8
2006-B2 98.9
2006-B1 103.6
2005-B6 99.5
2005-B5 94.8
2005-B4 96.0
2005-B3 92.3
2005-B2 97.3
2005-B1 100.5

Composite indicator

  • Source: INSEE - business tendency survey in wholesale trade.

The opinion of wholesalers on the volume of received merchandise, especially from abroad, has improved

The balance of opinion of wholesalers regarding the volume of merchandise received over the past two months has rebounded and has moved just above its average. In particular, the balance of opinion specific to the merchandise received from abroad has increased sharply and lies just below its average level. Besides, it has increased in all sub-sectors of wholesale trade, except in the wholesale trade of food products and beverages.

The balance of opinion of wholesalers on the volume of their past sales has recovered markedly in November after a continuous fall since March 2022, and has moved back above its average. This balance has increased in all sub-sectors of the wholesale trade, except in the wholesale trade of food products and beverages and the one of information and communication equipment. The balance on the volume of past sales abroad has rebounded and lies at its average level. It has risen in all sub-sectors.

The balance of opinion on ordering intentions has increased slightly

In November 2022, the balance of opinion of wholesalers on their ordering intentions has recovered slightly and has moved further away from its average. The one related to ordering intentions from abroad has slightly fallen for its part and lies at its average level.

The balance of opinion on the general business outlook has increased slightly, after a continuous decline started in early 2022. It remains far below its long-term average.

The balances of opinion on selling prices have increased again

The balances of opinion on the past and expected changes in selling prices of wholesalers have increased again. In May 2022, they had reached levels unseen since 1982, before falling back slightly. Both balances remain far above their respective average.

Expected prices in wholesale trade

Expected prices in wholesale trade
Expected prices
2022-B6 41.1
2022-B5 40.2
2022-B4 44.4
2022-B3 55.0
2022-B2 50.4
2022-B1 34.1
2021-B6 38.3
2021-B5 30.6
2021-B4 32.1
2021-B3 29.2
2021-B2 20.3
2021-B1 7.5
2020-B6 -4.9
2020-B5 1.6
2020-B4 1.2
2020-B3 -1.2
2020-B2 0.3
2020-B1 6.9
2019-B6 7.1
2019-B5 1.2
2019-B4 2.2
2019-B3 4.2
2019-B2 4.9
2019-B1 6.6
2018-B6 9.6
2018-B5 11.3
2018-B4 8.3
2018-B3 7.5
2018-B2 13.5
2018-B1 8.6
2017-B6 11.8
2017-B5 2.0
2017-B4 3.9
2017-B3 4.0
2017-B2 5.8
2017-B1 10.7
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 -0.4
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 -6.7
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

Expected prices in wholesale trade

  • Source: INSEE - business tendency survey in wholesale trade.

Wholesalers have cast a more favourable judgement on the recent evolution of their workforce

The balance of opinion on the change in workforce size over the last two months has rebounded and has moved further away from its average level. The balance on the expected change in workforce size has slightly diminished for its part but remains higher than its average.

Wholesalers have still deemed their stock levels to be well above normal even if the related balance of opinion has slightly decreased

The balance of opinion related to the level of inventories has slightly retreated but remains close to its level reached in September 2022, which was the highest one over the last 20 years. The balance has decreased more specifically in the wholesale trade of food products and beverages as well as in the one of household goods.

Finally, the balance related to the cash position remains stable, at its average level.

Updates

The business climate in wholesale trade of September 2022 has been revised upwards by one point. This revision is mainly due to the inclusion of late responses from companies.

Wholesale trade sectors

Balances of opinion in %, S.A.
Wholesale trade sectors (Balances of opinion in %, S.A.)
Ave* May-22 July-22 Sept.-22 Nov.-22
Composite indicators 100 101 102 97 102
General business outlook -22 -25 -32 -32 -31
Sales -13 -8 -11 -14 -8
export sales -15 -15 -11 -19 -15
Received merchandise -9 -10 -10 -13 -8
received from abroad -10 -17 -12 -20 -11
Ordering intentions -15 -10 -8 -12 -11
ordering from abroad -15 -13 -14 -14 -15
Shipments abroad -15 -18 -13 -15 -16
Stocks 8 3 11 15 13
Past workforce -1 9 8 1 5
Expected workforce -2 11 8 8 6
Cash position -9 -10 -9 -9 -9
Past selling prices 8 51 46 36 46
Expected selling prices 15 55 44 40 41
  • * : average since july 1979
  • Source : INSEE - business tendency survey in wholesale trade

Wholesale trade sectors

Balances of opinion, in %, S.A.
Wholesale trade sectors (Balances of opinion, in %, S.A.)
Ave* May-22 July-22 Sept.-22 Nov.-22
Raw agricultural products and live animals
Sales -13 -3 -16 -7 -1
Export sales -16 -13 -21 -24 -22
Merchandise received from abroad -10 -31 -30 -41 -29
Ordering intentions -13 -19 -13 -10 -14
Current stock 5 -2 2 2 5
Food products and beverages
Sales -15 -26 -11 -10 -16
Export sales -12 -30 -26 -28 -27
Merchandise received from abroad -13 -38 -19 -14 -21
Ordering intentions -11 -22 -10 -18 -16
Current stocks 4 -12 -1 4 -3
Household goods
Sales -10 -6 -2 -12 -2
Export sales -11 -5 4 -9 -3
Merchandise received from abroad -6 -6 -4 -9 -6
Ordering intentions -13 -4 -3 -8 -3
Current stock 12 16 13 16 11
Information and communication equipment
Sales -8 5 -6 -23 -25
Export sales -12 -41 -37 -48 -40
Merchandise received from abroad -7 -31 -33 -46 -44
Ordering intentions -9 -13 -15 -21 -20
Current stock 8 1 32 42 43
Other industrial capital goods
Sales -16 -11 -13 -17 -10
Export sales -21 -24 -25 -17 -13
Merchandise received from abroad -11 -19 -21 -22 -10
Ordering intentions -21 -9 -9 -10 -16
Current stock 11 2 13 22 27
Other specialised wholesale trade
Sales -17 3 -16 -23 -2
Export sales -19 0 7 -24 -13
Merchandise received from abroad -12 0 2 -33 -6
Ordering intentions -18 -2 -9 -13 -9
Current stock 6 7 16 14 14
  • * : average since july 1979
  • Source : INSEE – business tendency survey in wholesale trade

Past activity (sales) in capital goods

Past activity (sales) in capital goods
Capital goods in information and communication Other industrial capital goods
2022-B6 -24.8 -9.6
2022-B5 -23.3 -17.3
2022-B4 -6.1 -13.4
2022-B3 5.3 -11.3
2022-B2 -3.6 -11.5
2022-B1 6.6 11.5
2021-B6 10.6 2.9
2021-B5 14.2 -0.6
2021-B4 29.8 14.5
2021-B3 32.7 13.4
2021-B2 19.6 -3.0
2021-B1 0.3 -19.8
2020-B6 9.3 -31.2
2020-B5 10.3 -28.6
2020-B4 -54.4 -56.0
2020-B3 -54.9 -84.6
2020-B2 -6.6 -14.1
2020-B1 -18.1 -9.2
2019-B6 -6.7 -4.8
2019-B5 -1.4 0.5
2019-B4 -18.1 -4.1
2019-B3 11.6 -1.3
2019-B2 18.2 -3.4
2019-B1 -20.3 -15.2
2018-B6 4.4 -9.4
2018-B5 11.7 -7.2
2018-B4 10.1 -7.8
2018-B3 2.1 -5.2
2018-B2 -0.6 1.3
2018-B1 -12.0 8.9
2017-B6 -8.4 8.9
2017-B5 -2.9 -2.2
2017-B4 1.8 0.5
2017-B3 -6.2 -7.0
2017-B2 -7.5 -12.4
2017-B1 -7.3 -15.4
2016-B6 -12.9 -19.2
2016-B5 -5.1 -24.9
2016-B4 1.6 -16.9
2016-B3 -10.1 -17.6
2016-B2 -1.4 -21.6
2016-B1 1.4 -17.7
2015-B6 -9.1 -27.8
2015-B5 -4.8 -25.0
2015-B4 -1.6 -22.3
2015-B3 4.3 -28.8
2015-B2 -8.9 -33.1
2015-B1 -11.6 -35.2
2014-B6 -10.4 -38.5
2014-B5 -25.3 -41.2
2014-B4 -7.5 -38.8
2014-B3 -14.1 -27.4
2014-B2 -15.8 -20.1
2014-B1 -27.5 -27.4
2013-B6 -12.7 -25.7
2013-B5 -18.0 -30.9
2013-B4 -37.0 -38.3
2013-B3 -17.6 -38.0
2013-B2 -13.7 -33.8
2013-B1 -36.3 -41.1
2012-B6 -31.0 -36.8
2012-B5 -17.4 -28.3
2012-B4 -20.7 -30.0
2012-B3 -23.3 -28.9
2012-B2 -17.2 -15.6
2012-B1 -11.5 -11.7
2011-B6 -28.6 -12.8
2011-B5 -7.8 -0.1
2011-B4 0.3 -0.3
2011-B3 1.2 6.5
2011-B2 -12.4 1.7
2011-B1 15.3 -16.9
2010-B6 19.0 -18.1
2010-B5 18.6 -16.2
2010-B4 31.2 -32.9
2010-B3 0.3 -40.4
2010-B2 -37.2 -57.6
2010-B1 -12.8 -56.3
2009-B6 -21.4 -68.1
2009-B5 -57.6 -70.2
2009-B4 -61.3 -70.0
2009-B3 -63.2 -67.9
2009-B2 -61.5 -74.3
2009-B1 -32.1 -56.6
2008-B6 -16.2 -35.3
2008-B5 -11.9 -20.9
2008-B4 -5.4 -14.3
2008-B3 3.5 -3.6
2008-B2 -6.6 4.4
2008-B1 -23.1 5.5

Past activity (sales) in capital goods

  • Source: INSEE - business tendency survey in wholesale trade

For further information

A balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

Since the May 2020 survey, the way of correcting missing answers has been modified. The usual method was to fill them in by carrying on past answers from non-responding companies. Results are now computed on the sole basis of responding companies.

Answers to this survey have been gathered between 27 October 2022 and 21 November 2022.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Next issue: 24 January 2023 at 8:45 am.

Documentation

Methodology (pdf,20 Ko)

Bi-monthly business outlook survey on wholesaling

French classification of activities - NAF Rev. 2, 2008

Pour en savoir plus

A balance of opinion is the difference between the weighted percentage of “above normal” or “increase” answers and the weighted percentage of “below normal” or “decrease” answers.

Since the May 2020 survey, the way of correcting missing answers has been modified. The usual method was to fill them in by carrying on past answers from non-responding companies. Results are now computed on the sole basis of responding companies.

Answers to this survey have been gathered between 27 October 2022 and 21 November 2022.

Additional information (methodology, links, etc.) is available on the “Documentation” tab.

Next issue: 24 January 2023 at 8:45 am.

: bureau-de-presse@insee.fr

Publication calendar

Time series : Wholesale trade