Informations Rapides ·
24 July 2025 · n° 180
In July 2025, the business climate in wholesale trade has improved Bimonthly survey of wholesaling - July 2025
According to the business managers surveyed in July 2025, the bimonthly business climate in wholesale trade has improved. At 97, the composite indicator has gained three points (after rounding) but remains below its long-term average (100). The balances of opinion on the past sales and on the received merchandise from abroad have increased.
The seasonal coefficients as well as the parameters of the composite indicator have been updated in July 2025, as usually at this time of year. As a result, the previously published figures have been revised for this survey. These revisions are generally relatively modest and do not change the outlook diagnosis.
- The opinion related to the past sales has improved again sharply
- The balances of opinion on the selling prices have sharply rebounded
- Wholesalers are less optimistic concerning the expected evolution of their workforce size
- The balance of opinion on the level of inventories has increased a little
- Revisions
- Further information
According to the business managers surveyed in July 2025, the bimonthly business climate in wholesale trade has improved. At 97, the composite indicator has gained three points (after rounding) but remains below its long-term average (100). The balances of opinion on the past sales and on the received merchandise from abroad have increased.
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2025-B4 | 96.9 |
| 2025-B3 | 94.4 |
| 2025-B2 | 94.3 |
| 2025-B1 | 93.1 |
| 2024-B6 | 93.5 |
| 2024-B5 | 94.8 |
| 2024-B4 | 92.9 |
| 2024-B3 | 95.0 |
| 2024-B2 | 95.8 |
| 2024-B1 | 91.8 |
| 2023-B6 | 92.3 |
| 2023-B5 | 93.6 |
| 2023-B4 | 93.0 |
| 2023-B3 | 94.4 |
| 2023-B2 | 98.6 |
| 2023-B1 | 97.9 |
| 2022-B6 | 100.9 |
| 2022-B5 | 95.7 |
| 2022-B4 | 101.5 |
| 2022-B3 | 101.4 |
| 2022-B2 | 105.2 |
| 2022-B1 | 116.7 |
| 2021-B6 | 113.8 |
| 2021-B5 | 108.8 |
| 2021-B4 | 113.0 |
| 2021-B3 | 110.2 |
| 2021-B2 | 99.1 |
| 2021-B1 | 97.0 |
| 2020-B6 | 86.0 |
| 2020-B5 | 89.4 |
| 2020-B4 | 78.3 |
| 2020-B3 | 66.1 |
| 2020-B2 | 96.8 |
| 2020-B1 | 105.5 |
| 2019-B6 | 106.4 |
| 2019-B5 | 106.3 |
| 2019-B4 | 105.5 |
| 2019-B3 | 107.3 |
| 2019-B2 | 105.5 |
| 2019-B1 | 101.2 |
| 2018-B6 | 103.9 |
| 2018-B5 | 103.6 |
| 2018-B4 | 101.7 |
| 2018-B3 | 104.9 |
| 2018-B2 | 109.6 |
| 2018-B1 | 108.9 |
| 2017-B6 | 111.2 |
| 2017-B5 | 108.5 |
| 2017-B4 | 108.9 |
| 2017-B3 | 104.5 |
| 2017-B2 | 102.7 |
| 2017-B1 | 105.3 |
| 2016-B6 | 98.2 |
| 2016-B5 | 97.5 |
| 2016-B4 | 103.2 |
| 2016-B3 | 101.9 |
| 2016-B2 | 99.7 |
| 2016-B1 | 102.7 |
| 2015-B6 | 101.8 |
| 2015-B5 | 99.5 |
| 2015-B4 | 102.1 |
| 2015-B3 | 101.1 |
| 2015-B2 | 96.4 |
| 2015-B1 | 95.7 |
| 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 | 88.9 |
| 2012-B6 | 89.1 |
| 2012-B5 | 91.0 |
| 2012-B4 | 94.9 |
| 2012-B3 | 92.9 |
| 2012-B2 | 99.5 |
| 2012-B1 | 95.5 |
| 2011-B6 | 96.1 |
| 2011-B5 | 100.3 |
| 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 | 70.7 |
| 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 | 109.2 |
| 2007-B5 | 111.9 |
| 2007-B4 | 107.9 |
| 2007-B3 | 110.8 |
| 2007-B2 | 112.0 |
| 2007-B1 | 108.4 |
| 2006-B6 | 110.4 |
| 2006-B5 | 107.1 |
| 2006-B4 | 107.7 |
| 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 | 97.5 |
| 2005-B1 | 100.9 |
graphiqueComposite indicator
- Source: INSEE - business tendency survey in wholesale trade.
The opinion related to the past sales has improved again sharply
In July 2025, the balance of opinion of wholesalers regarding the past sales has increased again sharply and has moved closer to its long-term average; the one on the past export sales has also increased again and has almost reached its average. The increase in the past sales is noticeable in all sub-sectors of wholesale trade, excepting the one of household goods.
The balance on the merchandise received from abroad has rebounded and has moved closer to its long-term average.
The balance on the ordering intentions is almost stable at its average level. In particular, it has strongly rebounded in the wholesale trade of other industrial capital goods and has strongly diminished in the one of household goods.
Finally, the balance on the general business outlook is stable, below its average.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | Jan. 25 | Mar. 25 | May 25 | July 25 | |
|---|---|---|---|---|---|
| Business climate | 100 | 93 | 94 | 94 | 97 |
| General business outlook | -23 | -37 | -34 | -34 | -34 |
| Past sales | -14 | -25 | -25 | -24 | -19 |
| including export sales | -16 | -20 | -22 | -19 | -17 |
| Received merchandise | -10 | -20 | -16 | -19 | -15 |
| received from abroad | -11 | -18 | -16 | -18 | -15 |
| Ordering intentions | -15 | -18 | -16 | -16 | -15 |
| ordering from abroad | -15 | -15 | -17 | -15 | -15 |
| Shipments abroad | -15 | -16 | -16 | -14 | -15 |
| Stocks | 8 | 2 | 3 | 3 | 4 |
| Past workforce | -1 | -10 | -12 | -10 | -10 |
| Expected workforce | -2 | -7 | -9 | -5 | -8 |
| Cash position | -9 | -8 | -8 | -7 | -8 |
| Past selling prices | 8 | 4 | -2 | -9 | 5 |
| Expected selling prices | 15 | 5 | 6 | 4 | 8 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
The balances of opinion on the selling prices have sharply rebounded
In July 2025, the balance of opinion of wholesalers on the past selling prices has strongly rebounded and has moved closer to its long-term average. The one on the expected selling prices has sharply rebounded and has also moved closer to its own.
Wholesalers are less optimistic concerning the expected evolution of their workforce size
The balance of opinion on the past change in the workforce size is stable and the one on their expected change has fallen back. Both of them lie below their respective average.
The balance of opinion on the level of inventories has increased a little
The balance of opinion on the level of inventories has increased a little and has moved closer to its average. This increase is particularly noticeable in the wholesale trade of household goods and in the “other specialised wholesale trade”.
Finally, the balance related to the cash position is virtually stable, almost at its long-term average level.
tableauBalances of opinion by sub-sector in wholesale trade
| Ave. (1) | Jan. 25 | Mar. 25 | May 25 | July 25 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Past sales | -13 | -28 | -31 | -23 | -12 |
| Export sales | -17 | -46 | -49 | -36 | -27 |
| Merchandise received from abroad | -11 | -38 | -39 | -23 | -26 |
| Ordering intentions | -13 | -19 | -23 | -11 | -8 |
| Current stocks | 5 | -3 | 9 | 13 | 8 |
| Food products and beverages | |||||
| Past sales | -15 | -22 | -19 | -23 | -17 |
| Export sales | -13 | -27 | -15 | -10 | -25 |
| Merchandise received from abroad | -13 | -10 | -13 | -18 | -11 |
| Ordering intentions | -11 | -11 | -6 | -8 | -13 |
| Current stocks | 4 | 0 | -1 | 1 | 2 |
| Household goods | |||||
| Past sales | -10 | -14 | -15 | -8 | -13 |
| Export sales | -11 | -3 | -10 | -6 | -13 |
| Merchandise received from abroad | -6 | -10 | -3 | -7 | -6 |
| Ordering intentions | -13 | -11 | -1 | -3 | -10 |
| Current stocks | 12 | 8 | 2 | 1 | 6 |
| Information and communication equipment | |||||
| Past Sales | -8 | -9 | -17 | -16 | -9 |
| Export sales | -12 | -14 | -16 | -18 | -15 |
| Merchandise received from abroad | -8 | -16 | -15 | -12 | -5 |
| Ordering intentions | -10 | -11 | -13 | -10 | -11 |
| Current stocks | 8 | 18 | 14 | 14 | 5 |
| Other industrial capital goods | |||||
| Past sales | -17 | -41 | -48 | -44 | -38 |
| Export sales | -21 | -34 | -41 | -37 | -21 |
| Merchandise received from abroad | -12 | -23 | -31 | -25 | -25 |
| Ordering intentions | -21 | -35 | -42 | -41 | -26 |
| Current stocks | 12 | 9 | 13 | 10 | 11 |
| Other specialised wholesale trade | |||||
| Past sales | -17 | -33 | -24 | -27 | -20 |
| Export sales | -18 | -14 | -19 | -22 | -9 |
| Merchandise received from abroad | -13 | -24 | -15 | -23 | -19 |
| Ordering intentions | -18 | -23 | -20 | -23 | -17 |
| Current stocks | 6 | -9 | -4 | -4 | 0 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in May 2025 has been revised downwards by one point (after rounding). This revision is mainly due to the inclusion of late responses from companies and to the update of the seasonal coefficients and the parameters of the composite indicator.
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 June 2025 and 21 July 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: 19 September 2025 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade