Informations Rapides · 24 September 2026 · n° 232

In September 2026, the business climate in wholesale trade has deteriorated again Bimonthly survey of wholesaling - September 2026

According to the business managers surveyed in September 2026, the bimonthly business climate in wholesale trade has deteriorated again. At 93, the synthetic indicator has lost two points and has moved away from its long-term average (100), below which it has stood since January 2023. The balance of opinion related to past export sales has sharply dropped and the one related to ordering intentions has retreated.

In September 2026, the balance of opinion of wholesalers related to past export sales has sharply fallen back and has moved below its long-term average. This decrease has been mainly driven by other specialised wholesale trade, where the balance has dropped and has reached a level unobserved since July 2013, excluding the health crisis. Although the decrease has been less pronounced, it has also clearly fallen in wholesale trade of food and beverages.

The balance of opinion related to ordering intentions has retreated and has moved away from its average. It has decreased notably in wholesale trade of food and beverages, of household goods, as well as in other specialised wholesale trade.

The balance of opinion related to the volume of past sales has been virtually stable and remains below its long-term average. However, it has sharply decreased in other specialised wholesale trade, in wholesale trade of information and communication equipment and in wholesale trade of household goods.

The balance related to the general business outlook has retreated and remains well below its long-term average.

The balance related to deliveries received has decreased again and has moved away from its average. Conversely, the one related to deliveries received from abroad has rebounded and has returned to its May level, while remaining below its own average; this improvement has been notably driven by wholesale trade of agricultural raw products and live animals and by other specialised wholesale trade.

Lastly, the balance of opinion on the level of stocks has been virtually stable and remains below its average.

In September 2026, the balance of opinion related to past workforce size has been stable and remains below its long-term average. The one related to expected workforce size has retreated and has moved away from its own. The balance related to the cash position has fallen anew: it has moved away from its average and has returned to its May level. In wholesale trade of agricultural raw products and live animals in particular, this balance has reached a level unobserved since November 2022.

The balances of opinion related to past and expected selling prices have both rebounded. The balance related to past selling prices has clearly increased and has left its long-term average. It has sharply risen in wholesale trade of agricultural raw products and live animals as well as in other specialised wholesale trade; in both sub-sectors, it has reached a level unobserved since January 2023. The balance of opinion of wholesalers related to expected selling prices has increased more moderately and has moved closer to its long-term average. It has sharply increased in wholesale trade of agricultural raw products and live animals, where it has moved above its average.

The business climate in wholesale trade in July 2026 has not been revised (after rounding).