Geographical indications and trade: Firm-level evidence from the French cheese industry

•Investigation of the effect of GI on perceived quality, prices and trade margins.•Use of firm-product data of to identify PDO trade flows of French cheeses and butters.•PDO label benefits from a price premium and is perceived as a quality signal.•The role of the demand effect for PDO varieties is confirmed.•GI have a positive effect on market access to some markets (EU or with a similar GI policy).