Informations Rapides ·
21 March 2025 · n° 68
In March 2025, the business climate in wholesale trade has improved Bimonthly survey of wholesaling - March 2025
According to the business managers surveyed in March 2025, the bimonthly business climate in wholesale trade has improved. At 95, the composite indicator has gained two points but remains below its long-term average (100). This increase reflects, in particular, the rise in the balances of opinion on the ordering intentions and on the merchandise received from abroad.
- The opinion related to the ordering intentions has improved
- The balance of opinion on the past selling prices has retreated sharply
- Wholesalers remain pessimistic concerning the expected evolution of their workforce size
- The balance of opinion on the level of inventories has rebounded
- Revisions
- Further information
According to the business managers surveyed in March 2025, the bimonthly business climate in wholesale trade has improved. At 95, the composite indicator has gained two points but remains below its long-term average (100). This increase reflects, in particular, the rise in the balances of opinion on the ordering intentions and on the merchandise received from abroad.
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2025-B2 | 94.7 |
| 2025-B1 | 92.6 |
| 2024-B6 | 93.1 |
| 2024-B5 | 95.1 |
| 2024-B4 | 92.7 |
| 2024-B3 | 95.4 |
| 2024-B2 | 96.0 |
| 2024-B1 | 91.7 |
| 2023-B6 | 91.9 |
| 2023-B5 | 93.8 |
| 2023-B4 | 92.8 |
| 2023-B3 | 94.9 |
| 2023-B2 | 98.7 |
| 2023-B1 | 97.7 |
| 2022-B6 | 100.5 |
| 2022-B5 | 96.1 |
| 2022-B4 | 100.9 |
| 2022-B3 | 101.8 |
| 2022-B2 | 105.5 |
| 2022-B1 | 116.5 |
| 2021-B6 | 113.5 |
| 2021-B5 | 108.8 |
| 2021-B4 | 112.7 |
| 2021-B3 | 110.5 |
| 2021-B2 | 99.2 |
| 2021-B1 | 96.8 |
| 2020-B6 | 85.7 |
| 2020-B5 | 89.5 |
| 2020-B4 | 78.2 |
| 2020-B3 | 66.4 |
| 2020-B2 | 96.9 |
| 2020-B1 | 105.4 |
| 2019-B6 | 106.0 |
| 2019-B5 | 106.3 |
| 2019-B4 | 105.3 |
| 2019-B3 | 107.5 |
| 2019-B2 | 105.8 |
| 2019-B1 | 100.9 |
| 2018-B6 | 103.6 |
| 2018-B5 | 103.7 |
| 2018-B4 | 101.6 |
| 2018-B3 | 104.9 |
| 2018-B2 | 109.6 |
| 2018-B1 | 108.9 |
| 2017-B6 | 110.9 |
| 2017-B5 | 108.6 |
| 2017-B4 | 108.9 |
| 2017-B3 | 104.6 |
| 2017-B2 | 102.9 |
| 2017-B1 | 105.1 |
| 2016-B6 | 98.1 |
| 2016-B5 | 97.5 |
| 2016-B4 | 103.2 |
| 2016-B3 | 101.9 |
| 2016-B2 | 99.7 |
| 2016-B1 | 102.6 |
| 2015-B6 | 101.8 |
| 2015-B5 | 99.5 |
| 2015-B4 | 102.1 |
| 2015-B3 | 101.1 |
| 2015-B2 | 96.4 |
| 2015-B1 | 95.8 |
| 2014-B6 | 95.4 |
| 2014-B5 | 90.8 |
| 2014-B4 | 96.2 |
| 2014-B3 | 97.9 |
| 2014-B2 | 98.0 |
| 2014-B1 | 97.2 |
| 2013-B6 | 97.9 |
| 2013-B5 | 97.1 |
| 2013-B4 | 87.5 |
| 2013-B3 | 87.7 |
| 2013-B2 | 88.3 |
| 2013-B1 | 89.0 |
| 2012-B6 | 89.1 |
| 2012-B5 | 91.0 |
| 2012-B4 | 94.8 |
| 2012-B3 | 92.9 |
| 2012-B2 | 99.5 |
| 2012-B1 | 95.5 |
| 2011-B6 | 96.1 |
| 2011-B5 | 100.2 |
| 2011-B4 | 106.1 |
| 2011-B3 | 107.5 |
| 2011-B2 | 108.5 |
| 2011-B1 | 106.3 |
| 2010-B6 | 104.7 |
| 2010-B5 | 105.3 |
| 2010-B4 | 100.6 |
| 2010-B3 | 94.7 |
| 2010-B2 | 85.1 |
| 2010-B1 | 85.1 |
| 2009-B6 | 77.9 |
| 2009-B5 | 76.4 |
| 2009-B4 | 70.8 |
| 2009-B3 | 68.5 |
| 2009-B2 | 67.1 |
| 2009-B1 | 79.1 |
| 2008-B6 | 84.0 |
| 2008-B5 | 94.4 |
| 2008-B4 | 96.8 |
| 2008-B3 | 101.7 |
| 2008-B2 | 106.9 |
| 2008-B1 | 107.6 |
| 2007-B6 | 109.1 |
| 2007-B5 | 111.8 |
| 2007-B4 | 107.8 |
| 2007-B3 | 110.7 |
| 2007-B2 | 111.9 |
| 2007-B1 | 108.3 |
| 2006-B6 | 110.4 |
| 2006-B5 | 107.1 |
| 2006-B4 | 107.6 |
| 2006-B3 | 102.1 |
| 2006-B2 | 99.4 |
| 2006-B1 | 103.9 |
| 2005-B6 | 99.6 |
| 2005-B5 | 94.9 |
| 2005-B4 | 96.1 |
| 2005-B3 | 92.5 |
| 2005-B2 | 97.6 |
| 2005-B1 | 100.9 |
graphiqueComposite indicator
- Source: INSEE - business tendency survey in wholesale trade.
The opinion related to the ordering intentions has improved
In March 2025, the balance of opinion of wholesalers regarding the ordering intentions has increased again and has recovered its long-term average. This increase is particularly noticeable in the wholesale of food products and beverages, in the one of household goods, and in the “other specialised wholesale trade”.
The balance on the merchandise received from abroad has rebounded and has moved closer to its own.
The balance on the past sales has also rebounded and has moved closer to its average, while the one on the past export sales has declined again a little and has moved away from its own.
Finally, the one on the general business outlook has begun to rise again while evolving below its own.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | Sept. 24 | Nov. 24 | Jan. 25 | Mar. 25 | |
|---|---|---|---|---|---|
| Business climate | 100 | 95 | 93 | 93 | 95 |
| General business outlook | -23 | -29 | -35 | -36 | -32 |
| Past sales | -14 | -23 | -24 | -27 | -24 |
| including export sales | -16 | -23 | -19 | -20 | -21 |
| Received merchandise | -10 | -19 | -18 | -21 | -16 |
| received from abroad | -11 | -11 | -14 | -19 | -17 |
| Ordering intentions | -15 | -20 | -24 | -18 | -15 |
| ordering from abroad | -15 | -18 | -24 | -15 | -16 |
| Shipments abroad | -15 | -22 | -16 | -16 | -15 |
| Stocks | 8 | 1 | 3 | 2 | 4 |
| Past workforce | -1 | -8 | -12 | -10 | -15 |
| Expected workforce | -2 | -7 | -5 | -7 | -9 |
| Cash position | -9 | -8 | -10 | -8 | -9 |
| Past selling prices | 8 | -1 | -4 | 5 | -4 |
| Expected selling prices | 15 | 3 | 8 | 5 | 8 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
The balance of opinion on the past selling prices has retreated sharply
In March 2025, the balance of opinion of wholesalers on the past selling prices has sharply retreated and has moved away from its long-term average. The one on the expected selling prices has rebounded and has moved closer to its own.
Wholesalers remain pessimistic concerning the expected evolution of their workforce size
The balance of opinion on the expected change in the workforce size has declined again and has moved away from its average: it has reached its lowest level since July 2013 (excluding the Covid period). As for the one on the past evolution, it has delined again and has moved away from its average.
The balance of opinion on the level of inventories has rebounded
The balance of opinion on the level of inventories has rebounded and has moved closer to its average. It has increased mainly in the wholesale trade of raw agricultural products and live animals, and in the “other specialised wholesale trade”.
Finally, the balance related to the cash position has retreated a little and has returned to its long-term average.
tableauBalances of opinion by sub-sector in wholesale trade
| Ave. (1) | Sept. 24 | Nov. 24 | Jan. 25 | Mar. 25 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Past sales | -13 | -26 | -30 | -27 | -32 |
| Export sales | -17 | -49 | -46 | -46 | -50 |
| Merchandise received from abroad | -11 | -28 | -40 | -36 | -45 |
| Ordering intentions | -13 | -35 | -23 | -17 | -21 |
| Current stocks | 5 | -14 | -8 | -3 | 9 |
| Food products and beverages | |||||
| Past sales | -15 | -19 | -20 | -22 | -17 |
| Export sales | -13 | -18 | -12 | -27 | -12 |
| Merchandise received from abroad | -13 | -3 | 0 | -10 | -12 |
| Ordering intentions | -11 | -16 | -18 | -11 | -7 |
| Current stocks | 4 | -3 | 3 | 1 | 2 |
| Household goods | |||||
| Past sales | -10 | -18 | -9 | -14 | -15 |
| Export sales | -11 | -18 | -16 | -4 | -10 |
| Merchandise received from abroad | -6 | -10 | -9 | -10 | -2 |
| Ordering intentions | -13 | -7 | -11 | -11 | -1 |
| Current stocks | 12 | 12 | 7 | 8 | 3 |
| Information and communication equipment | |||||
| Past Sales | -8 | -12 | -7 | -9 | -16 |
| Export sales | -12 | -12 | -12 | -14 | -10 |
| Merchandise received from abroad | -8 | -16 | -13 | -16 | -16 |
| Ordering intentions | -10 | -16 | -22 | -11 | -11 |
| Current stocks | 8 | 7 | 14 | 18 | 14 |
| Other industrial capital goods | |||||
| Past sales | -16 | -38 | -42 | -47 | -49 |
| Export sales | -21 | -33 | -32 | -34 | -39 |
| Merchandise received from abroad | -12 | -17 | -25 | -23 | -33 |
| Ordering intentions | -21 | -35 | -38 | -34 | -37 |
| Current stocks | 12 | 12 | 9 | 12 | 12 |
| Other specialised wholesale trade | |||||
| Past sales | -17 | -22 | -32 | -33 | -23 |
| Export sales | -18 | -22 | -12 | -12 | -19 |
| Merchandise received from abroad | -13 | -9 | -17 | -25 | -14 |
| Ordering intentions | -18 | -24 | -34 | -23 | -20 |
| Current stocks | 6 | -10 | -4 | -7 | -3 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in January 2025 has been revised upwards by two points (after rounding). This revision is mainly due to the inclusion of late responses from companies.
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.
Answers to this survey have been gathered between 25 February 2025 and 18 March 2025, most companies answer during the first two weeks of collection.
Additional information (methodology, links, etc.) is available on the “Documentation” tab of the web page of this publication.
Next issue: 22 May 2025 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade