Luxemburg: Visió econòmica i política
Due to its small size and its location, Luxembourg is very open to foreign trade, which represents 388% of its GDP (the highest level in the world - World Bank). The country mainly exports commercial services, especially those related to finance. Concerning merchandise, 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 very dependent on its EU partners: in 2021, almost 92.5% of total imports of goods come from other member states (against 88% of total exports), and trade activities with its three neighbouring countries represent more than 50%. Its main customers are Germany (26.1%), France (16.1%) and Belgium (12.8%); the main suppliers being Belgium, Germany and France, which account for 33.2%, 27% and 13.1% of total imports, respectively (data Statistics Luxembourg). Luxembourg is trying to diversify its exports outside the European Union, and the country currently has significant trade relations with Asian and Middle Eastern nations.
In 2021, the country exported USD 140 billion of services (+27% y-o-y), importing USD 110.5 billion (+27.9% - data by WTO). Although the merchandise trade balance is negative (with imports totalling USD 16.6 billion against USD 25.8 billion of exports), Luxembourg has an overall positive trade balance, estimated at 34.7% of its GDP by the World Bank (the third-highest ratio in the world in 2021). According to preliminary data from the Banque centrale du Luxembourg, in the first half of 2022, the current account recorded a surplus of EUR 2.27 billion: both exports and imports of goods showed significant increases of around 19% each. The balance of international trade in services increased by 9.1% in the same period (+ EUR 1 billion), as exports increased more than imports (+6.1% and +5.3%, respectively).
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 22,873 | 24,175 | 24,264 | 20,929 | 25,811 |
Exports of Goods (million USD) | 15,752 | 16,412 | 16,451 | 13,803 | 16,623 |
Imports of Services (million USD) | 78,401 | 84,437 | 89,302 | 86,467 | 110,508 |
Exports of Services (million USD) | 102,173 | 110,507 | 112,724 | 110,215 | 140,047 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 353.8 | 362.4 | 377.8 | 365.2 | 388.1 |
Trade Balance (million USD) | 2,291 | 2,039 | 1,618 | 1,334 | 1,098 |
Trade Balance (Including Service) (million USD) | 26,124 | 24,400 | 22,756 | 24,090 | 29,681 |
Imports of Goods and Services (Annual % Change) | 0.8 | 3.7 | 5.7 | -0.4 | 11.8 |
Exports of Goods and Services (Annual % Change) | -0.2 | 3.6 | 4.5 | 0.2 | 9.7 |
Imports of Goods and Services (in % of GDP) | 161.0 | 164.9 | 173.5 | 165.6 | 176.7 |
Exports of Goods and Services (in % of GDP) | 192.7 | 197.5 | 204.3 | 199.6 | 211.4 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -0.6 | -0.5 | 1.8 | 2.5 | 2.4 |
Volume of imports of goods and services (Annual % change) | -0.9 | -0.1 | 2.0 | 2.6 | 2.5 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Germany | 25.1% |
France | 16.0% |
Belgium | 12.8% |
Netherlands | 6.4% |
Italy | 4.2% |
See More Countries | 35.4% |
Main Suppliers (% of Imports) |
2021 |
Germany | 23.6% |
Belgium | 23.5% |
France | 12.2% |
Netherlands | 4.2% |
United States | 3.4% |
See More Countries | 33.0% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: June 2023