Informations Rapides ·
26 March 2026 · n° 72
In March 2026, the business climate in wholesale trade has clearly darkened Bimonthly survey of wholesaling - March 2026
According to the business managers surveyed in March 2026, the bimonthly business climate in wholesale trade has clearly darkened. At 95, the synthetic indicator has lost five points compared to January 2026 and has moved away from its long-term average (100). This decline mainly results from the downturn in the balances of opinion related to past sales (including export sales).
Responses to this survey have been collected between 26 February and 23 March 2026; in terms of turnover, about three quarters of responses have been collected after the beginning of the war in the Middle East (28 February 2026).
According to the business managers surveyed in March 2026, the bimonthly business climate in wholesale trade has clearly darkened. At 95, the synthetic indicator has lost five points compared to January 2026 and has moved away from its long-term average (100). This decline mainly results from the downturn in the balances of opinion related to past sales (including export sales).
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2026-B2 | 95.2 |
| 2026-B1 | 100.1 |
| 2025-B6 | 98.0 |
| 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 | 92.2 |
| 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 | 114.0 |
| 2021-B5 | 108.9 |
| 2021-B4 | 113.1 |
| 2021-B3 | 110.3 |
| 2021-B2 | 99.2 |
| 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 | 105.6 |
| 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 | 111.3 |
| 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 | 101.9 |
| 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 | 85.0 |
| 2009-B6 | 77.8 |
| 2009-B5 | 76.3 |
| 2009-B4 | 70.6 |
| 2009-B3 | 68.3 |
| 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 | 112.1 |
| 2007-B1 | 108.5 |
| 2006-B6 | 110.5 |
| 2006-B5 | 107.2 |
| 2006-B4 | 107.8 |
| 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 balance related to past sales has clearly retreated
In March 2026, the balance of opinion of wholesalers on past sales has clearly retreated and has reached its lowest level since July 2013 (excluding the health crisis). This downturn is marked in wholesale trade of food products and beverages, household goods, “other industrial capital goods” and “other specialised wholesale trade”.
The balances related to past export sales and to general business outlook have clearly fallen back, below their respective average.
The balances of opinion related to ordering intentions and to deliveries received from abroad are stable: the former stands above its long-term average, while the latter remains below its own.
Lastly, the balance related to the level of inventories has clearly increased again and has moved above its average.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | Sept. 25 | Nov. 25 | Jan. 26 | Mar. 26 | |
|---|---|---|---|---|---|
| Business climate | 100 | 99 | 98 | 100 | 95 |
| General business outlook | -23 | -38 | -32 | -29 | -35 |
| Past sales | -14 | -18 | -17 | -13 | -28 |
| including export sales | -16 | -14 | -18 | -12 | -17 |
| Received merchandise | -10 | -13 | -14 | -9 | -17 |
| received from abroad | -11 | -12 | -12 | -14 | -14 |
| Ordering intentions | -15 | -14 | -16 | -12 | -12 |
| ordering from abroad | -15 | -13 | -15 | -15 | -11 |
| Shipments abroad | -15 | -15 | -16 | -11 | -15 |
| Stocks | 8 | 3 | 3 | 7 | 11 |
| Past workforce | -1 | -12 | -15 | -10 | -10 |
| Expected workforce | -2 | -6 | -5 | -3 | -5 |
| Cash position | -9 | -7 | -8 | -7 | -9 |
| Past selling prices | 8 | 1 | -7 | -6 | 11 |
| Expected selling prices | 14 | 9 | 6 | 8 | 20 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
Employment prospects remain deteriorated
In March 2026, the balance of opinion on past workforce changes is stable, while the one related to expected workforce changes has fallen back. Both remain below their long-term average.
The balance related to cash position has slightly retreated and has returned to its average level.
Selling prices have sharply increased
The balances of opinion related to both past and expected selling prices have sharply increased and have exceeded their respective average. The former has reached a level not seen since September 2023, and the latter since May 2023. This is especially the case in wholesale trade of information and communication equipment as well as in “other specialised wholesale trade”, which includes fuel trade.
tableauExpected prices in wholesale trade
| Expected prices | |
|---|---|
| 2026-B2 | 19.8 |
| 2026-B1 | 8.0 |
| 2025-B6 | 6.2 |
| 2025-B5 | 8.7 |
| 2025-B4 | 7.8 |
| 2025-B3 | 4.0 |
| 2025-B2 | 6.0 |
| 2025-B1 | 5.4 |
| 2024-B6 | 7.8 |
| 2024-B5 | 3.3 |
| 2024-B4 | 8.1 |
| 2024-B3 | 6.6 |
| 2024-B2 | 3.6 |
| 2024-B1 | 2.7 |
| 2023-B6 | 6.5 |
| 2023-B5 | 10.3 |
| 2023-B4 | 5.3 |
| 2023-B3 | 11.7 |
| 2023-B2 | 29.2 |
| 2023-B1 | 33.7 |
| 2022-B6 | 40.6 |
| 2022-B5 | 42.1 |
| 2022-B4 | 44.5 |
| 2022-B3 | 53.5 |
| 2022-B2 | 49.1 |
| 2022-B1 | 35.9 |
| 2021-B6 | 37.5 |
| 2021-B5 | 32.0 |
| 2021-B4 | 31.9 |
| 2021-B3 | 27.3 |
| 2021-B2 | 18.9 |
| 2021-B1 | 9.7 |
| 2020-B6 | -5.3 |
| 2020-B5 | 2.9 |
| 2020-B4 | 1.2 |
| 2020-B3 | -2.7 |
| 2020-B2 | -1.0 |
| 2020-B1 | 7.5 |
| 2019-B6 | 7.0 |
| 2019-B5 | 2.8 |
| 2019-B4 | 2.6 |
| 2019-B3 | 3.1 |
| 2019-B2 | 3.4 |
| 2019-B1 | 7.1 |
| 2018-B6 | 9.6 |
| 2018-B5 | 13.3 |
| 2018-B4 | 8.9 |
| 2018-B3 | 6.2 |
| 2018-B2 | 11.4 |
| 2018-B1 | 8.8 |
| 2017-B6 | 12.0 |
| 2017-B5 | 4.4 |
| 2017-B4 | 4.5 |
| 2017-B3 | 2.4 |
| 2017-B2 | 4.1 |
| 2017-B1 | 11.2 |
| 2016-B6 | 2.4 |
| 2016-B5 | -2.8 |
| 2016-B4 | 0.1 |
| 2016-B3 | -0.9 |
| 2016-B2 | -3.4 |
| 2016-B1 | -5.7 |
| 2015-B6 | -1.4 |
| 2015-B5 | -8.2 |
| 2015-B4 | 2.9 |
| 2015-B3 | 5.1 |
| 2015-B2 | -0.5 |
| 2015-B1 | -6.7 |
| 2014-B6 | -10.7 |
| 2014-B5 | -8.7 |
| 2014-B4 | -4.2 |
| 2014-B3 | -0.8 |
| 2014-B2 | 2.1 |
| 2014-B1 | 6.0 |
| 2013-B6 | 0.5 |
| 2013-B5 | 0.3 |
| 2013-B4 | -3.9 |
| 2013-B3 | -3.2 |
| 2013-B2 | -2.2 |
| 2013-B1 | 5.1 |
| 2012-B6 | 5.5 |
| 2012-B5 | 11.3 |
| 2012-B4 | 8.9 |
| 2012-B3 | 6.0 |
| 2012-B2 | 11.7 |
| 2012-B1 | 11.0 |
| 2011-B6 | 14.2 |
| 2011-B5 | 6.2 |
| 2011-B4 | 11.9 |
| 2011-B3 | 19.8 |
| 2011-B2 | 24.6 |
| 2011-B1 | 22.9 |
| 2010-B6 | 8.7 |
| 2010-B5 | 11.5 |
| 2010-B4 | 8.6 |
| 2010-B3 | 5.1 |
| 2010-B2 | 0.2 |
| 2010-B1 | -3.9 |
| 2009-B6 | -7.2 |
| 2009-B5 | -6.8 |
| 2009-B4 | -11.9 |
| 2009-B3 | -7.5 |
| 2009-B2 | -12.5 |
| 2009-B1 | -5.5 |
| 2008-B6 | 0.4 |
| 2008-B5 | 10.3 |
| 2008-B4 | 18.8 |
| 2008-B3 | 15.3 |
| 2008-B2 | 18.6 |
| 2008-B1 | 26.9 |
| 2007-B6 | 23.9 |
| 2007-B5 | 20.9 |
| 2007-B4 | 16.2 |
| 2007-B3 | 14.1 |
| 2007-B2 | 10.1 |
| 2007-B1 | 10.2 |
graphiqueExpected prices in wholesale trade
- Source: INSEE - business tendency survey in wholesale trade.
tableauBalances of opinion by sub-sector in wholesale trade
| Ave. (1) | Sept. 25 | Nov. 25 | Jan. 26 | Mar. 26 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals | |||||
| Past sales | -13 | -11 | -15 | -11 | -13 |
| Export sales | -17 | -25 | -25 | -12 | -21 |
| Merchandise received from abroad | -12 | -24 | -16 | -22 | -18 |
| Ordering intentions | -13 | -9 | -10 | -13 | -13 |
| Current stocks | 5 | 3 | 8 | 19 | 6 |
| Food products and beverages | |||||
| Past sales | -15 | -14 | -20 | -21 | -30 |
| Export sales | -13 | -16 | -21 | -15 | -28 |
| Merchandise received from abroad | -13 | -7 | -13 | -18 | -19 |
| Ordering intentions | -11 | -15 | -13 | -9 | -7 |
| Current stocks | 4 | 2 | 0 | 4 | 3 |
| Household goods | |||||
| Past sales | -10 | -7 | -4 | -6 | -17 |
| Export sales | -11 | -3 | -6 | 1 | -9 |
| Merchandise received from abroad | -6 | 3 | -4 | -10 | -16 |
| Ordering intentions | -13 | 0 | -10 | -9 | -7 |
| Current stocks | 11 | 6 | 6 | 4 | 4 |
| Information and communication equipment | |||||
| Past Sales | -8 | -7 | -15 | 2 | 5 |
| Export sales | -12 | -23 | -22 | 8 | -4 |
| Merchandise received from abroad | -8 | -18 | -16 | 6 | 13 |
| Ordering intentions | -10 | -12 | -15 | -3 | 1 |
| Current stocks | 8 | 4 | 3 | 13 | 16 |
| Other industrial capital goods | |||||
| Past sales | -17 | -28 | -24 | -19 | -33 |
| Export sales | -21 | -22 | -29 | -25 | -29 |
| Merchandise received from abroad | -12 | -16 | -10 | -16 | -19 |
| Ordering intentions | -21 | -21 | -22 | -23 | -31 |
| Current stocks | 12 | 9 | 9 | 7 | 13 |
| Other specialised wholesale trade | |||||
| Past sales | -18 | -28 | -23 | -17 | -46 |
| Export sales | -18 | -11 | -17 | -18 | -10 |
| Merchandise received from abroad | -13 | -19 | -15 | -17 | -13 |
| Ordering intentions | -18 | -22 | -21 | -14 | -14 |
| Current stocks | 6 | -1 | 0 | 5 | 24 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in January 2026 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 February and 23 March 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: 22 May 2026 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade