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

According to the managers surveyed in March 2015, the business climate in the wholesale trade sector has improved. The corresponding composite indicator has increased by two points since January 2015, but remained slightly below its long-term average.

Informations rapides
No 68
Paru le : 25/03/2015
Prochaine parution le : 26/09/2017 at 08:45 - September 2017

Total wholesale trade

According to the managers surveyed in March 2015, the business climate in the wholesale trade sector has improved. The corresponding composite indicator has increased by two points since January 2015, but remained slightly below its long-term average.

The turning-point indicator has stayed in the favourable area.

graph_indclimaff_en – Composite indicator

graph_indretournf_en – Turning-point indicator

A less grim past activity

Fewer wholesalers than in January have declared a fall in their past sales, mainly in export sales: that balance has gone over its long term average. Fewer of them have indicated a decline in their received merchandises too.

More optimistic general outlook

The general outlook balance has progressed for the fourth survey in a row and gone over its mean level. As many business leaders as in January expect a drop in their orders, in France or abroad: each of the three balances concerning ordering intentions, ordering from abroad and shipments abroad is practically stable and remained close to its average.

Statu quo of the opinion about expected employment

More wholesalers than on the last survey have declared a fall in their past workforce. Conversily, the expected workforce balance has been steady for four surveys.

Prices rising but still very low

Each of both balances concerning past and expected prices has significantly progressed but has remained still sharply under its average.

tab_cgens_en – Total wholesale trade

Balances of opinion, in %, S.A.
Total wholesale trade
MOY* Sept. 14 Nov. 14 Jan. 15 March 15
Composite indicator 100 91 96 95 98
General outlook –25 –45 –36 –30 –21
Sales –14 –30 –25 –26 –22
export sales –15 –26 –17 –22 –12
Received merchandise –9 –22 –15 –20 –17
received from abroad –10 –15 –12 –14 –12
Ordering intentions –15 –23 –19 –16 –16
ordering from abroad –15 –20 –17 –16 –15
Shipments abroad –16 –19 –21 –17 –14
Current stock 8 6 5 5 6
Past workforce –1 –9 –7 –8 –11
Expected workforce –3 –5 –6 –6 –6
Cash position –10 –7 –7 –8 –8
Past selling prices 8 –22 –20 –13 –9
Expecting selling prices 16 –10 –10 –8 0
  • * : 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 sales have declined and ordering intentions have been steady. Each of both balances stands over its long term average. Balances concerning foreign trade stay at a high level in spite of the decline of export sales.

Food products and beverages

Past activity has been deteriorated in this sector: each of the three balances concerning past sales, in France or abroad, and merchandises received from abroad, is significantly under its average. However, the ordering intentions have remained close to their long term average.

Household goods

According to the managers of the household good sector, past sales to France and abrod have increased, each of the two balances reaching or going over its average. The ordering intentions balance has dipped but remains over its mean level. Stocks have been estimated a little higher than their standard level.

Capital goods in information and communication

In the capital goods in information and communication sector, recent sales and ordering intentions are on a more favourable trend, each of the two balances being over its average from now on. The export sales balance stands just under its mean level.

Other industrial capital goods

Wholesalers in industrial capital goods have remained pessimistic about their past sales and ordering intentions. They are more optimistic concerning export sales.

Other specialised wholesale trade

In this sector, the past sales balance has remained low for one year. However, foreign activity has improved, especially export sales. Ordering intentions have stayed grim.

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* Sept. 14 Nov. 14 Jan. 15 March 15
Raw agricultural products and live animals
Sales –11 –19 –6 –1 –8
Export sales –15 –14 –3 14 –1
Merchandise received from abroad –8 –14 –12 4 9
Ordering intentions –12 –18 –8 –7 –7
Current stock 5 11 7 3 –2
Food products and beverages
Sales –15 –27 –16 –24 –25
Export sales –12 –32 –24 –31 –28
Merchandise received from abroad –13 –24 –4 –17 –22
Ordering intentions –11 –14 –18 –12 –10
Current stock 5 5 3 –1 1
Household goods
Sales –10 –19 –21 –22 –10
Export sales –12 –9 –17 –22 –4
Merchandise received from abroad –6 –8 –4 –8 –11
Ordering intentions –14 –20 –12 –8 –11
Current stock 12 7 6 6 14
Capital goods in information and communication
Sales –9 –23 –10 –13 –4
Export sales –13 –3 –13 –29 –14
Merchandise received from abroad –7 –8 –9 –9 –11
Ordering intentions –10 –27 –13 –10 –3
Current stock 8 –1 –3 4 5
Other industrial capital goods
Sales –16 –43 –39 –34 –36
Export sales –21 –38 –25 –33 –17
Merchandise received from abroad –11 –22 –17 –13 –22
Ordering intentions –22 –35 –28 –35 –35
Current stock 12 4 14 14 10
Other specialized wholesale trade
Sales –18 –40 –42 –41 –36
Export sales –19 –39 –14 –25 –9
Merchandise received from abroad –13 –12 –22 –25 –12
Ordering intentions –19 –28 –26 –22 –23
Current stock 6 8 3 –1 4
  • * : average since September 1979
  • Source: French business survey in the wholesale trade - Insee