In Q4 2022, exports slowed and imports flagged, with the result that foreign trade made a positive contribution to GDP growth (+0.3 points). The reason for the decline in imports is mainly the result of trade in energy: imports of electricity, which were very dynamic in previous quarters, fell back as nuclear reactors returned to service, while for gas, the high level of inventory was accompanied by fewer imports. Tourism also played a part: spending by French tourists abroad declined. Meanwhile, exports of manufactured products dropped sharply, despite major naval and aeronautical deliveries, because demand for French products fell. However, this trend was offset by the sharp rise in energy exports, especially gas, and by the upswing in spending by foreign tourists in France...