Foreign trade has increased moderately since the start of 2023, reflecting sluggish world demand and relatively modest growth in final domestic demand. In Q3 2023, foreign trade hampered GDP growth (-0.4 points), as the decrease in exports was much more pronounced than that in imports. To a large extent, this decline in exports (-1.0% after +2.5% in Q2) reflects a backlash effect after the significant deliveries in the aeronautical and naval sectors in Q2. The decline in imports was more moderate (+0.1% after +2.4%), and mainly driven by manufactured goods; meanwhile, imports of energy products and services, and spending by French tourists overseas, were relatively dynamic...