Informations Rapides ·
21 November 2025 · n° 288
In November 2025, the business climate in wholesale trade is stable Bimonthly survey of wholesaling - November 2025
According to the business managers surveyed in November 2025, the bimonthly business climate in wholesale trade is stable compared with September. At 98, it remains below its long-term average (100) since January 2023. The balance of opinion on ordering intentions has slightly retreated, while that on the general business outlook has clearly rebounded.
According to the business managers surveyed in November 2025, the bimonthly business climate in wholesale trade is stable compared with September. At 98, it remains below its long-term average (100) since January 2023. The balance of opinion on ordering intentions has slightly retreated, while that on the general business outlook has clearly rebounded.
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2025-B6 | 98.1 |
| 2025-B5 | 98.5 |
| 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 | 116.8 |
| 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 | 78.2 |
| 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 | 89.0 |
| 2012-B5 | 91.0 |
| 2012-B4 | 94.9 |
| 2012-B3 | 92.9 |
| 2012-B2 | 99.6 |
| 2012-B1 | 95.5 |
| 2011-B6 | 96.1 |
| 2011-B5 | 100.3 |
| 2011-B4 | 106.2 |
| 2011-B3 | 107.6 |
| 2011-B2 | 108.6 |
| 2011-B1 | 106.4 |
| 2010-B6 | 104.8 |
| 2010-B5 | 105.4 |
| 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 | 70.6 |
| 2009-B3 | 68.4 |
| 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 | 110.9 |
| 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 | 104.0 |
| 2005-B6 | 99.7 |
| 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 ordering intentions has slightly retreated
In November 2025, the balance of opinion of wholesalers on ordering intentions has slightly retreated and has moved back below its long-term average. It has fallen back sharply in wholesale trade of household goods, and slightly in the other wholesale sub-sectors, except in other specialised wholesale.
The balance on the general business outlook has clearly rebounded and has moved closer to its long-term average.
The balance related to the past sales has slightly improved again and has moved closer to its average. The one related to past foreign sales has retreated and has returned to its July level, below its own average; in particular, it has fallen in the sub-sectors of food products and beverages, other industrial equipment, and other specialised wholesale trade.
The balance on deliveries received from abroad is stable, close to its long-term average level.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | May 25 | July 25 | Sept. 25 | Nov. 25 | |
|---|---|---|---|---|---|
| Business climate | 100 | 94 | 97 | 98 | 98 |
| General business outlook | -23 | -34 | -35 | -38 | -32 |
| Past sales | -14 | -24 | -19 | -18 | -17 |
| including export sales | -16 | -19 | -17 | -14 | -17 |
| Received merchandise | -10 | -19 | -14 | -13 | -14 |
| received from abroad | -11 | -18 | -15 | -12 | -12 |
| Ordering intentions | -15 | -16 | -15 | -14 | -16 |
| ordering from abroad | -15 | -15 | -16 | -13 | -15 |
| Shipments abroad | -15 | -14 | -15 | -15 | -16 |
| Stocks | 8 | 3 | 4 | 3 | 4 |
| Past workforce | -1 | -10 | -10 | -12 | -15 |
| Expected workforce | -2 | -5 | -8 | -6 | -6 |
| Cash position | -9 | -7 | -8 | -7 | -8 |
| Past selling prices | 8 | -9 | 6 | 1 | -7 |
| Expected selling prices | 14 | 4 | 8 | 9 | 6 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
Wholesalers continue to view their past workforce changes unfavourably
In November 2025, the balance of opinion on past workforce changes has decreased again, while that on expected workforce changes is stable. Both remain well below their long-term average.
The balance related to the level of inventories is almost stable, below its average level.
Lastly, the balance related to the cash position is almost stable, slightly above its long-term average.
The balances of opinion on selling prices have decreased
The balance of opinion on past selling prices has clearly decreased again and has moved further away from its long-term average. That on expected selling prices has decreased more slightly, still below its own average, where it has been running since May 2023.
tableauBalances of opinion by sub-sector in wholesale trade
| Ave. (1) | May 25 | July 25 | Sept. 25 | Nov. 25 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Past sales | -13 | -23 | -12 | -11 | -14 |
| Export sales | -17 | -36 | -28 | -25 | -25 |
| Merchandise received from abroad | -11 | -23 | -26 | -24 | -15 |
| Ordering intentions | -13 | -11 | -9 | -9 | -11 |
| Current stocks | 5 | 13 | 8 | 3 | 7 |
| Food products and beverages | |||||
| Past sales | -15 | -23 | -19 | -14 | -20 |
| Export sales | -13 | -10 | -25 | -16 | -20 |
| Merchandise received from abroad | -13 | -18 | -12 | -7 | -13 |
| Ordering intentions | -11 | -8 | -13 | -15 | -13 |
| Current stocks | 4 | 1 | 2 | 2 | 0 |
| Household goods | |||||
| Past sales | -10 | -8 | -14 | -7 | -4 |
| Export sales | -11 | -6 | -14 | -3 | -2 |
| Merchandise received from abroad | -6 | -7 | -6 | 3 | -3 |
| Ordering intentions | -13 | -3 | -12 | 0 | -10 |
| Current stocks | 12 | 1 | 5 | 6 | 7 |
| Information and communication equipment | |||||
| Past Sales | -8 | -16 | -11 | -7 | -15 |
| Export sales | -13 | -18 | -14 | -23 | -23 |
| Merchandise received from abroad | -8 | -12 | -5 | -18 | -16 |
| Ordering intentions | -10 | -10 | -12 | -12 | -14 |
| Current stocks | 8 | 14 | 5 | 4 | 3 |
| Other industrial capital goods | |||||
| Past sales | -17 | -44 | -37 | -28 | -26 |
| Export sales | -21 | -37 | -22 | -22 | -29 |
| Merchandise received from abroad | -12 | -25 | -25 | -16 | -11 |
| Ordering intentions | -21 | -41 | -26 | -21 | -22 |
| Current stocks | 12 | 10 | 11 | 9 | 9 |
| Other specialised wholesale trade | |||||
| Past sales | -18 | -27 | -20 | -28 | -23 |
| Export sales | -18 | -22 | -9 | -11 | -17 |
| Merchandise received from abroad | -13 | -23 | -19 | -19 | -15 |
| Ordering intentions | -18 | -23 | -16 | -22 | -21 |
| Current stocks | 6 | -4 | 0 | -1 | 1 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in September 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 28 October 2025 and 18 November 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: 23 January 2025 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade