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Foreign Trade in Figures

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 20172018201920202021
Imports of Goods (million USD) 22,87324,17524,26420,92925,811
Exports of Goods (million USD) 15,75216,41216,45113,80316,623
Imports of Services (million USD) 78,40184,43789,30286,467110,508
Exports of Services (million USD) 102,173110,507112,724110,215140,047

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20172018201920202021
Foreign Trade (in % of GDP) 353.8362.4377.8365.2388.1
Trade Balance (million USD) 2,2912,0391,6181,3341,098
Trade Balance (Including Service) (million USD) 26,12424,40022,75624,09029,681
Imports of Goods and Services (Annual % Change) 0.83.75.7-0.411.8
Exports of Goods and Services (Annual % Change) -0.23.64.50.29.7
Imports of Goods and Services (in % of GDP) 161.0164.9173.5165.6176.7
Exports of Goods and Services (in % of GDP) 192.7197.5204.3199.6211.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20222023 (e)2024 (e)2025 (e)2026 (e)
Volume of exports of goods and services (Annual % change) -0.6-0.51.82.52.4
Volume of imports of goods and services (Annual % change) -0.9-0.12.02.62.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Member of the European Union, WTO, OCDE
 

Main Partner Countries

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%.

 
 

Main Products

16.3 bn USD of products exported in 2021
Angles, shapes and sections of iron or non-alloy...Angles, shapes and sections of iron or non-alloy steel, n.e.s. 8.0%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 4.6%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 3.8%
Sheet piling of iron or steel, whether or not...Sheet piling of iron or steel, whether or not drilled, punched or made from assembled elements; welded angles, shapes and sections, of iron or steel 3.0%
Self-adhesive plates, sheets, film, foil, tape,...Self-adhesive plates, sheets, film, foil, tape, strip and other flat shapes, of plastics, whether or not in rolls (excl. floor, wall and ceiling coverings of heading 3918) 2.9%
See More Products 77.7%
25.5 bn USD of products imported in 2021
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 8.9%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 6.1%
Ferrous waste and scrap; remelting scrap ingots of...Ferrous waste and scrap; remelting scrap ingots of iron or steel (excl. slag, scale and other waste from the production of iron or steel; radioactive waste and scrap; fragments of pigs, blocks or other primary forms of pig iron or spiegeleisen) 3.7%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles 2.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.1%
See More Products 76.8%

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.

 

Main Services

118.6 bn USD of services exported in 2020
51.28%
26.94%
4.87%
4.05%
3.22%
3.06%
2.49%
1.74%
1.56%
0.48%
0.32%
91.0 bn USD of services imported in 2020
47.11%
21.59%
7.87%
6.17%
5.97%
3.65%
3.04%
2.04%
2.03%
0.45%
0.08%

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

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