Luxemburg: Visió econòmica i política
Due to its small size and location, Luxembourg is highly open to foreign trade, which represents 389% of its GDP (the highest level in the world - World Bank). The country primarily exports commercial services, especially those related to finance. Concerning merchandise, at least 65% of goods and services 'made in Luxembourg' are exported. The main exports by product category are manufactured goods in metals (23.4%), machinery (18.2%), other manufactured goods classified according to raw materials (15.5%), and transport equipment (10%); whereas imports are led by machinery (16.5%), transport equipment (15.9%), chemicals and related products (12.8%), and mineral fuels (9.3% - data Statistics Luxembourg).
Luxembourg is highly dependent on its EU partners, which account for roughly 90% of its foreign trade. Trade activities with its three neighboring countries represent more than 50%. In 2022, its main customers were Germany (25.5%), France (15.3%), Belgium (12.4%), the Netherlands (6.9%), and Italy (4.3%), whereas imports came chiefly from Belgium (24.3%), Germany (22.1%), France (10.7%), the Netherlands (4.8%), and Italy (3.1% - data Comtrade).
In 2022, the country exported USD 134.5 billion of services (-9.4% y-o-y), importing USD 111.3 billion (-7.2% - data by WTO). Although the merchandise trade balance is negative (with imports totaling USD 26.5 billion against USD 17.2 billion of exports), Luxembourg has an overall positive trade balance, estimated at 34% of its GDP by the World Bank (the fifth-highest ratio in the world in 2022). According to preliminary data from the Banque centrale du Luxembourg, in the first half of 2023, the current account showed a surplus of EUR 2 billion, marking a decrease of EUR 486 million compared to the same period of the previous year. The goods deficit stood at EUR 759 million and improved in the first semester of 2023 (EUR 946 million). Overall, exports of goods climbed by 6% while imports decreased by -2%. In the same period, the balance of international trade in services declined by 10.6%, amounting to a decrease of EUR 1.5 billion. This was attributed to a reduction in exports by -1.3%, coupled with an increase in imports by 1.2%.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 24,264 | 21,165 | 26,170 | 27,208 | 25,535 |
Exports of Goods (million USD) | 16,451 | 13,839 | 16,800 | 17,313 | 17,148 |
Imports of Services (million USD) | 91,547 | 98,663 | 124,055 | 114,297 | 119,733 |
Exports of Services (million USD) | 112,683 | 125,962 | 155,948 | 144,720 | 148,728 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 362.4 | 377.8 | 365.2 | 388.1 | 384.5 |
Trade Balance (million USD) | 2,039 | 1,618 | 1,333 | 1,105 | 114 |
Trade Balance (Including Service) (million USD) | 24,400 | 22,756 | 24,259 | 29,678 | 26,334 |
Imports of Goods and Services (Annual % Change) | 3.7 | 5.7 | -0.4 | 11.8 | -0.9 |
Exports of Goods and Services (Annual % Change) | 3.6 | 4.5 | 0.2 | 9.7 | -0.6 |
Imports of Goods and Services (in % of GDP) | 164.9 | 173.5 | 165.6 | 176.7 | 175.1 |
Exports of Goods and Services (in % of GDP) | 197.5 | 204.3 | 199.6 | 211.4 | 209.4 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -1.4 | 1.2 | 2.5 | 2.5 | 2.4 |
Volume of imports of goods and services (Annual % change) | -0.1 | 1.5 | 2.6 | 2.5 | 2.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
Germany | 25.4% |
France | 15.6% |
Belgium | 12.3% |
Netherlands | 6.7% |
United States | 3.2% |
Spain | 2.7% |
Poland | 2.6% |
United Kingdom | 2.5% |
Austria | 1.9% |
Switzerland | 1.9% |
Türkiye | 1.4% |
China | 1.3% |
Czech Republic | 1.2% |
Sweden | 1.0% |
Mexico | 1.0% |
Denmark | 0.8% |
Canada | 0.7% |
Romania | 0.7% |
Slovakia | 0.6% |
Portugal | 0.5% |
See More Countries | 36.9% |
Main Suppliers (% of Imports) |
2023 |
Belgium | 24.4% |
Germany | 21.8% |
France | 10.4% |
Netherlands | 4.7% |
China | 3.2% |
United States | 2.7% |
Poland | 2.3% |
Japan | 1.9% |
Spain | 1.8% |
United Kingdom | 1.4% |
Luxembourg This flow is explained by the way local Customs Authorities report trade with overseas or special territories (e.g. Hong Kong or Taiwan in the case of China, French West Indies in the case of France, etc) as well as the treatment of re-imported (or re-exported) products, which get out (or enter) of the country for a limited time, with the intention of being re-imported (or re-exported) without significant transformation overseas. | 1.3% |
Czech Republic | 1.1% |
Switzerland | 0.9% |
Vietnam | 0.8% |
Austria | 0.8% |
Hungary | 0.7% |
Sweden | 0.6% |
Slovakia | 0.5% |
South Korea | 0.5% |
Portugal | 0.5% |
See More Countries | 35.4% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
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Actualitzacions: September 2024
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