In Q1 2024, foreign trade once again boosted GDP growth: exports increased (+1.2%), while imports rebounded a little (+0.4%), after two quarters of decline. The quarter was notably affected by massive agricultural exports (around +13.5%) – mirrored by a substantial destocking movement. Imports of manufactured products in particular are at a fairly low level, as for the last six months companies have mobilised their inventory to meet demand, but imports are expected to accelerate as a backlash in Q2 (+1.7% forecast). In H2, they are likely to increase at a more moderate pace (+0.5% then +0.4% in Q3 and Q4), in line with the expected increase in demand...