In the face of multiple constraints, the global economy has been experiencing a slowdown for the last several quarters. In Q3, economic activity lost momentum in the main European economies, except, unexpectedly, in Germany, and it even contracted in the United Kingdom against a backdrop of strikes and a sharp rise in inflation. In China and the United States, on the other hand, activity rebounded, as a result of the reopening of the Chinese economy after the spring lockdowns and major fluctuations in US foreign trade. However, this rebound masks a more general dynamic of economic slowdown. As a result, world trade, and in particular world demand for French products, was at a standstill compared to the beginning of the year, penalised mainly by the slowdown in imports by the advanced economies...