Informations Rapides ·
19 September 2025 · n° 232
In September 2025, the business climate in wholesale trade has improved again Bimonthly survey of wholesaling - September 2025
According to the business managers surveyed in September 2025, the bimonthly business climate in wholesale trade has improved again. At 98, the composite indicator has gained one point. At its highest level since March 2023, it remains nevertheless below its long-term average (100). The balances of opinion on deliveries received from abroad and on order intentions continued to recover.
According to the business managers surveyed in September 2025, the bimonthly business climate in wholesale trade has improved again. At 98, the composite indicator has gained one point. At its highest level since March 2023, it remains nevertheless below its long-term average (100). The balances of opinion on deliveries received from abroad and on order intentions continued to recover.
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2025-B5 | 98.2 |
| 2025-B4 | 96.6 |
| 2025-B3 | 94.4 |
| 2025-B2 | 94.3 |
| 2025-B1 | 93.1 |
| 2024-B6 | 93.5 |
| 2024-B5 | 94.8 |
| 2024-B4 | 92.8 |
| 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 | 113.9 |
| 2021-B5 | 108.9 |
| 2021-B4 | 113.0 |
| 2021-B3 | 110.2 |
| 2021-B2 | 99.1 |
| 2021-B1 | 97.0 |
| 2020-B6 | 85.9 |
| 2020-B5 | 89.4 |
| 2020-B4 | 78.3 |
| 2020-B3 | 66.0 |
| 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 | 101.3 |
| 2018-B6 | 103.9 |
| 2018-B5 | 103.6 |
| 2018-B4 | 101.7 |
| 2018-B3 | 104.9 |
| 2018-B2 | 109.6 |
| 2018-B1 | 109.0 |
| 2017-B6 | 111.2 |
| 2017-B5 | 108.6 |
| 2017-B4 | 109.0 |
| 2017-B3 | 104.6 |
| 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 | 99.6 |
| 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 | 98.1 |
| 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 | 107.6 |
| 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 | 85.0 |
| 2010-B1 | 85.1 |
| 2009-B6 | 77.8 |
| 2009-B5 | 76.3 |
| 2009-B4 | 70.7 |
| 2009-B3 | 68.5 |
| 2009-B2 | 67.0 |
| 2009-B1 | 79.1 |
| 2008-B6 | 84.0 |
| 2008-B5 | 94.4 |
| 2008-B4 | 96.8 |
| 2008-B3 | 101.7 |
| 2008-B2 | 107.0 |
| 2008-B1 | 107.7 |
| 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 | 110.5 |
| 2006-B5 | 107.2 |
| 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 received merchandise has improved again
In September 2025, the balance of opinion of wholesalers on the merchandise received from abroad has increased again and has almost reached its long-term average. It has particularly recovered in the wholesale trade of household goods and of other industrial capital goods.
The balance on ordering intentions has slightly increased again and has moved away from its average; in particular, it has strongly rebounded in the wholesale trade of household goods.
The balance related to the past sales has improved a little and has moved closer to its long-term average. This increase is noticeable in almost all sub-sectors, except in the wholesale trade of raw agricultural products and live animals, where it is stable, and in the other specialised wholesale trade, where it has fallen back. The balance on past export sales has continued to increase since May, and has risen above its long-term average, for the first time since March 2024.
By contrast, the balance on the general business outlook has deteriorated again and remains far below its long-term average.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | Mar. 25 | May 25 | July 25 | Sept. 25 | |
|---|---|---|---|---|---|
| Business climate | 100 | 94 | 94 | 97 | 98 |
| General business outlook | -23 | -34 | -34 | -35 | -38 |
| Past sales | -14 | -25 | -24 | -19 | -18 |
| including export sales | -16 | -22 | -19 | -17 | -15 |
| Received merchandise | -10 | -16 | -19 | -14 | -13 |
| received from abroad | -11 | -16 | -18 | -15 | -12 |
| Ordering intentions | -15 | -16 | -16 | -15 | -13 |
| ordering from abroad | -15 | -17 | -15 | -16 | -13 |
| Shipments abroad | -15 | -16 | -14 | -15 | -15 |
| Stocks | 8 | 3 | 3 | 4 | 4 |
| Past workforce | -1 | -12 | -10 | -10 | -12 |
| Expected workforce | -2 | -9 | -5 | -8 | -7 |
| Cash position | -9 | -8 | -7 | -8 | -7 |
| Past selling prices | 8 | -2 | -9 | 6 | 2 |
| Expected selling prices | 14 | 6 | 4 | 8 | 9 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
The balances of opinion on selling prices have evolved in a contrasted way
In September 2025, the balance of opinion of wholesalers on the past selling prices has fallen back and has moved away from its long-term average. The one on expected selling prices is almost stable, below its own.
Wholesalers remain pessimistic about their workforce size
The balance of opinion on the past change in the workforce size has decreased, while the one on the expected change has slightly increased. Both of them remain well below their respective averages.
The balance of opinion on inventories is stable
The balance of opinion on the level of inventories is stable. It has significantly decreased in the wholesale trade of raw agricultural products and live animals, while it has increased in the one of household goods.
Finally, the balance related to the cash position is almost stable, slightly above its long-term average.
tableauBalances of opinion by sub-sector in wholesale trade
| Ave. (1) | Mar. 25 | May 25 | July 25 | Sept, 25 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Past sales | -13 | -31 | -23 | -12 | -12 |
| Export sales | -17 | -49 | -36 | -28 | -25 |
| Merchandise received from abroad | -11 | -39 | -23 | -26 | -26 |
| Ordering intentions | -13 | -23 | -11 | -9 | -9 |
| Current stocks | 5 | 9 | 13 | 8 | 4 |
| Food products and beverages | |||||
| Past sales | -15 | -19 | -23 | -19 | -18 |
| Export sales | -13 | -15 | -10 | -25 | -23 |
| Merchandise received from abroad | -13 | -13 | -18 | -12 | -10 |
| Ordering intentions | -11 | -6 | -8 | -13 | -15 |
| Current stocks | 4 | -1 | 1 | 2 | 3 |
| Household goods | |||||
| Past sales | -10 | -15 | -8 | -14 | -6 |
| Export sales | -11 | -10 | -6 | -14 | -3 |
| Merchandise received from abroad | -6 | -3 | -7 | -6 | 3 |
| Ordering intentions | -13 | -1 | -3 | -12 | 1 |
| Current stocks | 12 | 2 | 1 | 5 | 7 |
| Information and communication equipment | |||||
| Past Sales | -8 | -17 | -16 | -11 | -5 |
| Export sales | -12 | -16 | -18 | -14 | -13 |
| Merchandise received from abroad | -8 | -15 | -12 | -5 | -14 |
| Ordering intentions | -10 | -13 | -10 | -12 | -10 |
| Current stocks | 8 | 14 | 14 | 5 | 6 |
| Other industrial capital goods | |||||
| Past sales | -17 | -48 | -44 | -37 | -29 |
| Export sales | -21 | -41 | -37 | -22 | -23 |
| Merchandise received from abroad | -12 | -31 | -25 | -25 | -17 |
| Ordering intentions | -21 | -42 | -41 | -26 | -21 |
| Current stocks | 12 | 13 | 10 | 11 | 9 |
| Other specialised wholesale trade | |||||
| Past sales | -17 | -24 | -27 | -20 | -27 |
| Export sales | -18 | -19 | -22 | -9 | -12 |
| Merchandise received from abroad | -13 | -15 | -23 | -19 | -19 |
| Ordering intentions | -18 | -20 | -23 | -16 | -22 |
| Current stocks | 6 | -4 | -4 | 0 | -1 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in July 2025 is unchanged (after rounding).
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 26 August 2025 and 15 September 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: 21 November 2025 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade