Informations Rapides ·
23 January 2026 · n° 13
In January 2026, the business climate in wholesale trade has recovered Bimonthly survey of wholesaling - January 2026
According to the business managers surveyed in January 2026, the bimonthly business climate in wholesale trade has rebounded compared to November 2025. At 100 (after rounding), it has reached back its long-term average for the first time since November 2022. The balances related to past export sales and ordering intentions have clearly rebounded.
According to the business managers surveyed in January 2026, the bimonthly business climate in wholesale trade has rebounded compared to November 2025. At 100 (after rounding), it has reached back its long-term average for the first time since November 2022. The balances related to past export sales and ordering intentions have clearly rebounded.
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2026-B1 | 99.5 |
| 2025-B6 | 98.0 |
| 2025-B5 | 98.5 |
| 2025-B4 | 96.5 |
| 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 | 92.2 |
| 2023-B5 | 93.6 |
| 2023-B4 | 93.0 |
| 2023-B3 | 94.4 |
| 2023-B2 | 98.6 |
| 2023-B1 | 97.9 |
| 2022-B6 | 101.0 |
| 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 | 89.3 |
| 2020-B4 | 78.2 |
| 2020-B3 | 65.9 |
| 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 | 104.0 |
| 2018-B5 | 103.6 |
| 2018-B4 | 101.7 |
| 2018-B3 | 104.9 |
| 2018-B2 | 109.7 |
| 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 | 94.8 |
| 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 | 85.0 |
| 2009-B6 | 77.8 |
| 2009-B5 | 76.3 |
| 2009-B4 | 70.6 |
| 2009-B3 | 68.4 |
| 2009-B2 | 66.9 |
| 2009-B1 | 79.0 |
| 2008-B6 | 83.9 |
| 2008-B5 | 94.4 |
| 2008-B4 | 96.8 |
| 2008-B3 | 101.7 |
| 2008-B2 | 107.0 |
| 2008-B1 | 107.7 |
| 2007-B6 | 109.3 |
| 2007-B5 | 112.0 |
| 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 | 97.5 |
| 2005-B1 | 100.9 |
graphiqueComposite indicator
- Source: INSEE - business tendency survey in wholesale trade.
The balances related to past export sales and ordering intentions have clearly rebounded
In January 2026, the balance of opinion of wholesalers on past export sales has clearly rebounded and has exceeded its long-term average. It has particularly increased very sharply in wholesale trade of raw agricultural products and live animals, of food products and beverages and of information and communication equipment. The balance on past sales has increased for the sixth two-month period in a row and has almost reached its average level.
The balance related to ordering intentions has clearly rebounded and has moved above its average, particularly in wholesale trade of information and communication equipment. In the other specialised wholesale trade, this balance has clearly increased.
The balance on general business outlook has increased again and has moved closer to its long-term average.
The balance on deliveries received from abroad has slightly decreased and has moved away from its average level.
Lastly, the balance related to the level of inventories has clearly increased and has almost reached its average level.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | July 25 | Sept. 25 | Nov. 25 | Jan. 26 | |
|---|---|---|---|---|---|
| Business climate | 100 | 97 | 98 | 98 | 100 |
| General business outlook | -23 | -35 | -38 | -32 | -29 |
| Past sales | -14 | -19 | -18 | -17 | -15 |
| including export sales | -16 | -17 | -14 | -18 | -13 |
| Received merchandise | -10 | -14 | -13 | -14 | -11 |
| received from abroad | -11 | -15 | -12 | -12 | -13 |
| Ordering intentions | -15 | -15 | -14 | -16 | -13 |
| ordering from abroad | -15 | -16 | -13 | -15 | -16 |
| Shipments abroad | -15 | -15 | -15 | -16 | -12 |
| Stocks | 8 | 4 | 3 | 3 | 7 |
| Past workforce | -1 | -10 | -12 | -15 | -11 |
| Expected workforce | -2 | -8 | -6 | -5 | -4 |
| Cash position | -9 | -8 | -7 | -8 | -8 |
| Past selling prices | 8 | 6 | 1 | -7 | -6 |
| Expected selling prices | 14 | 8 | 9 | 6 | 8 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
Wholesalers are less pessimistic concerning employment
In January 2026, the balance of opinion of wholesalers on past workforce changes has clearly rebounded, and that on expected workforce changes has slightly increased for the third two-month period in a row. Both nevertheless remain below their average.
Lastly, the balance related to cash position is stable, slightly above its long-term average.
The balances of opinion on selling prices have slightly rebounded
The balance of opinion on past selling prices has slightly rebounded, well below its long-term average. That on expected selling prices has more clearly rebounded, still below its own, where it has been running since May 2023.
tableauBalances of opinion by sub-sector in wholesale trade
| Ave. (1) | July 25 | Sept. 25 | Nov. 25 | Jan. 26 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Past sales | -13 | -12 | -11 | -15 | -10 |
| Export sales | -17 | -28 | -25 | -25 | -10 |
| Merchandise received from abroad | -11 | -26 | -24 | -16 | -16 |
| Ordering intentions | -13 | -9 | -9 | -10 | -14 |
| Current stocks | 5 | 8 | 3 | 8 | 17 |
| Food products and beverages | |||||
| Past sales | -15 | -19 | -14 | -20 | -23 |
| Export sales | -13 | -25 | -16 | -21 | -12 |
| Merchandise received from abroad | -13 | -12 | -7 | -13 | -12 |
| Ordering intentions | -11 | -13 | -15 | -13 | -11 |
| Current stocks | 4 | 2 | 2 | 0 | 3 |
| Household goods | |||||
| Past sales | -10 | -14 | -7 | -4 | -7 |
| Export sales | -11 | -14 | -3 | -6 | -1 |
| Merchandise received from abroad | -6 | -6 | 3 | -4 | -10 |
| Ordering intentions | -13 | -12 | 0 | -10 | -10 |
| Current stocks | 12 | 5 | 6 | 6 | 4 |
| Information and communication equipment | |||||
| Past Sales | -8 | -11 | -7 | -15 | 0 |
| Export sales | -13 | -14 | -23 | -22 | -3 |
| Merchandise received from abroad | -8 | -5 | -18 | -16 | 6 |
| Ordering intentions | -10 | -12 | -12 | -15 | -7 |
| Current stocks | 8 | 5 | 4 | 3 | 10 |
| Other industrial capital goods | |||||
| Past sales | -17 | -37 | -28 | -24 | -23 |
| Export sales | -21 | -22 | -22 | -29 | -26 |
| Merchandise received from abroad | -12 | -25 | -16 | -10 | -19 |
| Ordering intentions | -21 | -26 | -21 | -22 | -24 |
| Current stocks | 12 | 11 | 9 | 9 | 7 |
| Other specialised wholesale trade | |||||
| Past sales | -18 | -20 | -28 | -23 | -18 |
| Export sales | -18 | -9 | -11 | -17 | -19 |
| Merchandise received from abroad | -13 | -19 | -19 | -15 | -18 |
| Ordering intentions | -18 | -16 | -22 | -21 | -14 |
| Current stocks | 6 | 0 | -1 | 0 | 4 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in November 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 December 2025 and 19 January 2026, 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: 26 March 2026 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade