Informations Rapides ·
22 May 2026 · n° 122
In May 2026, the business climate in wholesale trade has slightly improved Bimonthly survey of wholesaling - May 2026
According to the business managers surveyed in May 2026, the bimonthly business climate in wholesale trade has slightly improved. At 96, the synthetic indicator has gained one point compared to March, but remains below its long-term average (100). This slight improvement mainly results from the sharp rebound in the balances of opinion related to past sales (including export sales).
According to the business managers surveyed in May 2026, the bimonthly business climate in wholesale trade has slightly improved. At 96, the synthetic indicator has gained one point compared to March, but remains below its long-term average (100). This slight improvement mainly results from the sharp rebound in the balances of opinion related to past sales (including export sales).
tableauComposite indicator
| Composite indicator | |
|---|---|
| 2026-B3 | 96.4 |
| 2026-B2 | 95.3 |
| 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 | 105.3 |
| 2022-B1 | 116.9 |
| 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 | 78.1 |
| 2020-B3 | 65.8 |
| 2020-B2 | 96.8 |
| 2020-B1 | 105.6 |
| 2019-B6 | 106.5 |
| 2019-B5 | 106.4 |
| 2019-B4 | 105.6 |
| 2019-B3 | 107.4 |
| 2019-B2 | 105.6 |
| 2019-B1 | 101.3 |
| 2018-B6 | 104.0 |
| 2018-B5 | 103.7 |
| 2018-B4 | 101.7 |
| 2018-B3 | 105.0 |
| 2018-B2 | 109.7 |
| 2018-B1 | 109.0 |
| 2017-B6 | 111.3 |
| 2017-B5 | 108.6 |
| 2017-B4 | 109.1 |
| 2017-B3 | 104.6 |
| 2017-B2 | 102.7 |
| 2017-B1 | 105.4 |
| 2016-B6 | 98.2 |
| 2016-B5 | 97.5 |
| 2016-B4 | 103.3 |
| 2016-B3 | 102.0 |
| 2016-B2 | 99.7 |
| 2016-B1 | 102.7 |
| 2015-B6 | 101.9 |
| 2015-B5 | 99.6 |
| 2015-B4 | 102.2 |
| 2015-B3 | 101.1 |
| 2015-B2 | 96.4 |
| 2015-B1 | 95.8 |
| 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 | 77.7 |
| 2009-B5 | 76.2 |
| 2009-B4 | 70.5 |
| 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 | 101.8 |
| 2008-B2 | 107.0 |
| 2008-B1 | 107.7 |
| 2007-B6 | 109.3 |
| 2007-B5 | 112.0 |
| 2007-B4 | 108.0 |
| 2007-B3 | 111.0 |
| 2007-B2 | 112.1 |
| 2007-B1 | 108.5 |
| 2006-B6 | 110.6 |
| 2006-B5 | 107.3 |
| 2006-B4 | 107.8 |
| 2006-B3 | 102.2 |
| 2006-B2 | 99.4 |
| 2006-B1 | 104.0 |
| 2005-B6 | 99.7 |
| 2005-B5 | 94.9 |
| 2005-B4 | 96.2 |
| 2005-B3 | 92.5 |
| 2005-B2 | 97.6 |
| 2005-B1 | 101.0 |
graphiqueComposite indicator
- Source: INSEE - business tendency survey in wholesale trade.
The balance related to past sales has sharply rebounded
In May 2026, the balance of opinion of wholesalers related to past sales has sharply risen anew and has moved closer to its long-term average. This strong rebound can be observed in all sub-sectors, except in wholesale trade of agricultural raw products and live animals and in wholesale trade of information and communication equipment.
The balances related to past export sales has also sharply rebounded and has exceeded its long-term average, driven in particular by wholesale trade of household goods and of other industrial equipment.
Conversely, the balance related to the general business outlook has strongly deteriorated and has reached a level unobserved since July 2013, excluding the health crisis. The balance related to ordering intentions has sharply decreased and has moved back below its long-term average. It has decreased in all sub-sectors, except in that of other industrial equipment, where it has rebounded.
The balance related to deliveries received from abroad is, for its part, stable for the second two-month period in a row, below its average.
Lastly, the balance of opinion on the level of stocks has fallen back strongly and has moved back below its average.
tableauEconomic outlook in the wholesale trade sector
| Ave. (1) | Nov. 25 | Jan. 26 | Mar. 26 | May 26 | |
|---|---|---|---|---|---|
| Business climate | 100 | 98 | 100 | 95 | 96 |
| General business outlook | -23 | -32 | -29 | -35 | -45 |
| Past sales | -14 | -17 | -13 | -28 | -17 |
| including export sales | -16 | -18 | -12 | -18 | -13 |
| Received merchandise | -10 | -14 | -9 | -17 | -14 |
| received from abroad | -11 | -12 | -14 | -14 | -14 |
| Ordering intentions | -15 | -16 | -12 | -13 | -18 |
| ordering from abroad | -15 | -15 | -15 | -11 | -18 |
| Shipments abroad | -15 | -16 | -11 | -16 | -13 |
| Stocks | 8 | 3 | 7 | 11 | 2 |
| Past workforce | -1 | -15 | -10 | -10 | -9 |
| Expected workforce | -2 | -5 | -3 | -6 | -8 |
| Cash position | -9 | -8 | -7 | -9 | -12 |
| Past selling prices | 8 | -7 | -6 | 11 | 22 |
| Expected selling prices | 14 | 6 | 8 | 20 | 27 |
- (1) Average since July 1979.
- Source: INSEE - business tendency survey in wholesale trade.
Employment prospects remain unfavourable
In May 2026, the balance of opinion related to past workforce size has slightly increased, while the one on expected change in workforce size has decreased again. Both remain below their long-term average.
The balance related to cash position has deteriorated again and has reached its lowest level since October 2009, excluding the health crisis. This decrease is particularly marked in the sub-sectors of other industrial equipment and of other specialised wholesale trade, where it has reached a level unobserved since September 2009 and November 2008 respectively, excluding the health crisis.
Selling prices have strongly increased again
The balances of opinion related to past and expected selling prices have both strongly increased again, have moved away from their respective averages and both stand at their highest level since March 2023. The balance related to expected selling prices has strongly increased in the sub-sectors of wholesale trade of food and beverages, of household goods, and of other industrial equipment.
tableauExpected prices in wholesale trade
| Expected prices | |
|---|---|
| 2026-B3 | 27.0 |
| 2026-B2 | 19.9 |
| 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) | Nov. 25 | Jan. 26 | Mar. 26 | May 26 | |
|---|---|---|---|---|---|
| Raw agricultural products and live animals (9%) | |||||
| Past sales | -13 | -15 | -11 | -11 | -21 |
| Export sales | -17 | -25 | -12 | -20 | -22 |
| Merchandise received from abroad | -12 | -16 | -22 | -18 | -21 |
| Ordering intentions | -13 | -10 | -13 | -12 | -24 |
| Current stocks | 5 | 8 | 19 | 5 | 6 |
| Food products and beverages (20%) | |||||
| Past sales | -15 | -20 | -21 | -29 | -16 |
| Export sales | -13 | -21 | -15 | -28 | -21 |
| Merchandise received from abroad | -13 | -13 | -18 | -18 | -19 |
| Ordering intentions | -11 | -13 | -9 | -7 | -12 |
| Current stocks | 4 | 0 | 4 | 3 | 7 |
| Household goods (22%) | |||||
| Past sales | -10 | -4 | -6 | -17 | -1 |
| Export sales | -11 | -6 | 1 | -11 | 4 |
| Merchandise received from abroad | -6 | -4 | -10 | -16 | -5 |
| Ordering intentions | -13 | -10 | -9 | -7 | -12 |
| Current stocks | 11 | 6 | 4 | 4 | 5 |
| Information and communication equipment (6%) | |||||
| Past Sales | -8 | -15 | 2 | 4 | -6 |
| Export sales | -12 | -22 | 8 | -5 | -6 |
| Merchandise received from abroad | -8 | -16 | 6 | 13 | -6 |
| Ordering intentions | -10 | -15 | -3 | 1 | -8 |
| Current stocks | 8 | 3 | 13 | 16 | 23 |
| Other industrial capital goods (15%) | |||||
| Past sales | -17 | -24 | -19 | -32 | -24 |
| Export sales | -21 | -29 | -25 | -32 | -21 |
| Merchandise received from abroad | -12 | -10 | -16 | -18 | -24 |
| Ordering intentions | -21 | -22 | -23 | -31 | -28 |
| Current stocks | 12 | 9 | 7 | 13 | 6 |
| Other specialised wholesale trade (28%) | |||||
| Past sales | -18 | -23 | -17 | -45 | -29 |
| Export sales | -18 | -17 | -18 | -13 | -17 |
| Merchandise received from abroad | -13 | -15 | -17 | -13 | -14 |
| Ordering intentions | -18 | -21 | -14 | -15 | -23 |
| Current stocks | 6 | 0 | 5 | 22 | -12 |
- (1) Average since July 1979.
- Source: INSEE – business tendency survey in wholesale trade.
Revisions
The business climate in wholesale trade in March 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 27 April and 19 May 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: 23 July 2026 at 8:45 am.
Pour en savoir plus
Time series : Wholesale trade