In Q4 2025, exports slowed down (+1.0% after +3.1% in Q3), while imports fell (-1.1% after +1.4%). Foreign trade once again made a positive contribution to GDP growth over the quarter (+0.7 percentage points, after +0.5). Exports of manufactured goods slowed down significantly (+1.5% after +5.0%). Aerospace exports remained buoyant, but slowed considerably compared with the exceptional deliveries of the summer, against a backdrop of Airbus revising its targets downwards at the end of the year to address defects affecting the fuselages of aircraft already in service. Shipbuilding exports at the end of the year, meanwhile, were bolstered by the delivery of a cruise ship. Excluding aerospace and naval equipment, manufacturing exports remained flat in Q4 2025 (-0.1%). Furthermore, sales of agricultural products fell (-1.9%) following several quarters of recovery, while electricity sales continued to rise, setting a new record. On the import side, the decline was particularly pronounced for manufactured goods (-1.1% after +1.9%), especially pharmaceuticals. In addition, imports of crude oil (-4.7%) and agricultural products (-2.5%) also fell. With regard to non-tourism services, trade remained flat (imports down 0.3% and exports up 0.1%). Lastly, tourism exports fell for the second consecutive quarter (-0.3% after -0.1%), having peaked in spring 2025, while spending by French residents abroad rebounded (+1.2% after -0.3%)...