The article analyzes why France has had a trade surplus in recent years. It looks at how changes in prices, demand, and exchange rates affect trade balance. The researchers found that exchange rate movements in the 1990s played a big role in France's trade performance. When the franc depreciated, it made French exports cheaper and imports more expensive. This led to a trade surplus. However, slow economic growth in France compared to other countries also contributed to the surplus. Overall, the trade surplus is mainly due to changes in demand rather than just prices. The researchers used a special model to study how trade flows adjust to changes in competitiveness and demand.