Informations Rapides · 24 November 2021 · n° 301

The business climate in wholesale trade has recovered in November 2021 Bi-monthly survey of wholesaling - November 2021

According to the business managers surveyed in November 2021, the business climate in wholesale trade has recovered distinctly between September and November. The composite indicator has gained five points and stands at 114, well above its long-term average (100), and has reached a level unseen since 2000. This improvement is mainly driven by the rebounds in the balances of opinion relating to the total volume of sales and merchandise received from abroad.

In November 2021, the balance of opinion of wholesalers on the development in their total sales over the last two months has increased and deviated from its average. This improvement concerns all sub-sectors except that of information and communication equipment. The balance of opinion on export sales is stable and remains at its highest level since September 2007.

The balances of opinion on merchandise received, both from France and abroad, have picked up and stand above their average. This rebound concerns in particular the wholesale trade of agricultural products and other specialised wholesale trade.

The balances of opinion on past and expected development in selling prices have begun to rise again. They both reached levels not observed since the 1980s. For the balances on past selling prices, the increase concerns all the sub-sectors analysed. With regards to expected selling prices, the associated balance has increased everywhere except in the wholesale trade of other industrial equipment.

The balance of opinion on the cash position has been stable, above its long-term average.

Wholesalers have remained generally optimistic. The balance of opinion on the general business outlook, virtually stable, has remained well above its long-term average.

The balance of opinion of wholesalers concerning their ordering intentions from abroad has increased sharply and has reached its highest level since November 1994. This increase concerns all subsectors of wholesale trade, except that of agricultural products and food and drink products.

The balance on total ordering intentions has increased slightly and reached a level not seen since the start of the series (1979). The increase is almost generalised, since this balance has only decreased in the subsector of wholesale trade of food and drink products.

The balance of opinion on the expected change in the workforce size has increased again, very slightly, and has reached a level not seen since the start of this series (1979). This increase concerns all the sub-sectors analysed, with the exception of the wholesale trade in food and drink products and that of other industrial equipment.

The balance of opinion regarding the past change in workforce size has rebounded and stands at its highest level since 2001. It has increased in all the sub-sectors analysed.

The business climate indicator in wholesale trade of September 2021 has been revised downwards by one point, as a result of the integration of belated business responses.