In July 2015, the business climate has slightly improved in the wholesale tradeBi-monthly survey of wholesaling - July 2015

According to the managers surveyed in July 2015, the business climate in the wholesale trade sector has slightly improved. The corresponding composite indicator has increased by one point since May 2015; it has reached 103 and has remained over its long-term average (100). The turning-point indicator has stayed in the favourable area.

Informations rapides
No 179
Paru le : 22/07/2015
Prochaine parution le : 26/09/2017 at 08:45 - September 2017

Total wholesale trade

According to the managers surveyed in July 2015, the business climate in the wholesale trade sector has slightly improved. The corresponding composite indicator has increased by one point since May 2015; it has reached 103 and has remained over its long-term average (100). The turning-point indicator has stayed in the favourable area.

graph_indclimaff_en – Composite indicator

graph_indretournf_en – Indicateur de retournement

  • Note: close to 1 (respectively -1), this indicator points to a favourable short-term economic situation (respectively unfavourable).

Opinion on past activity practically stable

Each of the four balances concerning wholesalers’past activity (past sales to France or abroad, received merchandise from France or abroad), has been practically stable. The export sales balance has stood above its average; the others have been close to it.

More optimistic expectations

The balances concerning ordering intentions in France or abroad have progressed since November 2014, as well as that on general outlook. However, the balance on shipments abroad have declined. Each of the four balances has remained over its average.

Stability of considered employment

Each of the two balances concerning past and expected workforce has remained stable, under its average.

Prices still estimated very low

As many wholesalers as in May have declared a fall in their past prices. More of them have expected some in the future. Both balances have been below their average for more than three years.

tab_cgens_en – Total wholesale trade

Balances of opinion, in %, S.A.
Total wholesale trade
MOY* Jan. 15 Mar. 15 May 15 July 15
Composite indicator 100 95 97 102 103
General outlook –25 –30 –21 –17 –15
Sales –14 –26 –23 –13 –14
export sales –15 –22 –17 –8 –8
Received merchandise –9 –20 –16 –11 –11
received from abroad –10 –14 –14 –10 –8
Ordering intentions –15 –16 –15 –13 –12
ordering from abroad –15 –16 –15 –12 –7
Shipments abroad –16 –17 –12 –9 –14
Current stock 8 5 7 7 5
Past workforce –1 –8 –10 –9 –8
Expected workforce –3 –6 –5 –6 –6
Cash position –10 –8 –5 –4 –7
Past selling prices 8 –13 –10 –2 –2
Expecting selling prices 15 –8 0 6 3
  • * : average since September 1979
  • Source : French business survey in the wholesale trade - Insee

Raw agricultural products and live animals

According to the wholesalers of this sector, past activity has been rather favourable: the balances concerning past sales to France and abroad, and merchandise received from abroad have slightly increased. Only that on ordering intentions has declined. Stocks have been estimated higher than their standard level. Each of the five balances has stayed above its average.

Food products and beverages

In this sector, a little more wholesalers have indicated a fall in their past sales over the last few months. The balances concerning past activity abroad and ordering intentions have progressed, and remained above their mean level.

Household goods

More wholesalers of household good sector have noted a fall in their past sales. However the balances concerning activity abroad have been roughly stable, and the ordering intentions balance has increased. Each of the four balances is over its average.

Capital goods in information and communication

In this sector, the recent sales balance has declined and this decline might go on, as ordering intentions do. Nevertheless, both balances concerning activity abroad have sped up and gone above their average. The balance concerning stocks has significantly risen.

Other industrial capital goods

In industrial capital goods sector, more wholesalers than in May have notified an improvement in their past activity, the corresponding balance coming closer to its average. The balance concerning export sales has slightly decreased, conversely of the import one. The ordering intentions have stayed near their average.

Other specialised wholesale trade

In this sector, the past sales balance has slightly progressed even if it has remained low for one year. Activity abroad has been almost stable and ordering intentions have remained quite sluggish.

graph_sect_en – Past activity (sales) in capital goods

tab_cgsect_en – Wholesale trade sectors

Balances of opinion, in %, S.A.
Wholesale trade sectors
MOY* Jan. 15 Mar. 15 May 15 July 15
Raw agricultural products and live animals
Sales –11 –1 –9 2 3
Export sales –15 14 –6 1 5
Merchandise received from abroad –9 4 0 –8 –1
Ordering intentions –11 –7 –5 –1 –7
Current stock 5 3 0 5 12
Food products and beverages
Sales –15 –24 –25 –6 –10
Export sales –12 –31 –27 –10 –5
Merchandise received from abroad –13 –17 –20 –6 –3
Ordering intentions –11 –12 –7 –8 0
Current stock 5 –1 –1 2 –2
Household goods
Sales –10 –22 –7 1 –4
Export sales –11 –22 –3 2 0
Merchandise received from abroad –6 –8 –9 –6 –4
Ordering intentions –14 –8 –11 –10 –3
Current stock 12 6 13 11 8
Capital goods in information and communication
Sales –9 –13 –8 3 –8
Export sales –13 –29 –24 –23 3
Merchandise received from abroad –7 –9 –22 –11 0
Ordering intentions –10 –10 –2 0 –7
Current stock 8 4 5 7 26
Other industrial capital goods
Sales –16 –34 –33 –28 –18
Export sales –21 –33 –17 –10 –13
Merchandise received from abroad –11 –13 –21 –15 –13
Ordering intentions –22 –35 –33 –22 –21
Current stock 11 14 11 6 3
Other specialized wholesale trade
Sales –18 –41 –42 –37 –33
Export sales –19 –25 –26 –21 –20
Merchandise received from abroad –13 –25 –15 –19 –21
Ordering intentions –19 –22 –24 –24 –24
Current stock 6 –1 9 9 2
  • * : average since September 1979
  • Source: French business survey in the wholesale trade - Insee