In Q1 2025, foreign trade severely impacted GDP growth (-0.8 points). Imports rose slightly (+0.5%), bolstered notably by sourcing of agricultural products due to poor harvests in 2024. At the same time, French exporters failed to benefit from the global trade surge triggered by anticipation of the US customs duty hikes, and suffered significant losses of market share at the start of the year. Sales abroad fell (-1.8%), particularly those of manufactured goods (-2.6%), despite very buoyant world demand for French goods (+1.9%). Aeronautical deliveries in particular were down after a satisfactory end to 2024. This negative contribution of foreign trade was offset by the positive contribution of changes in inventories (+1.0 point). After two years of negative contributions, enterprises have massively rebuilt their inventories...