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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 20182019202020212022
Imports of Goods (million USD) 24,17524,26421,16526,17026,528
Exports of Goods (million USD) 16,41216,45113,83916,80017,274
Imports of Services (million USD) 87,08291,54798,131119,977111,326
Exports of Services (million USD) 109,461112,683120,848148,565134,561

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

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 362.4377.8365.2388.1384.5
Trade Balance (million USD) 2,0391,6181,3331,105114
Trade Balance (Including Service) (million USD) 24,40022,75624,25929,67826,334
Imports of Goods and Services (Annual % Change) 3.75.7-0.411.8-0.9
Exports of Goods and Services (Annual % Change) 3.64.50.29.7-0.6
Imports of Goods and Services (in % of GDP) 164.9173.5165.6176.7175.1
Exports of Goods and Services (in % of GDP) 197.5204.3199.6211.4209.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -2.41.42.52.52.4
Volume of imports of goods and services (Annual % change) -2.21.32.62.52.5

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)
2022
Germany 25.5%
France 15.3%
Belgium 12.4%
Netherlands 6.9%
Italy 4.3%
See More Countries 35.7%
Main Suppliers
(% of Imports)
2022
Belgium 24.3%
Germany 22.1%
France 10.7%
Netherlands 4.8%
Italy 3.1%
See More Countries 34.9%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

16.8 bn USD of products exported in 2022
Angles, shapes and sections of iron or non-alloy...Angles, shapes and sections of iron or non-alloy steel, n.e.s. 9.4%
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) 4.1%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 4.1%
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 3.3%
Paper, paperboard, cellulose wadding and webs of...Paper, paperboard, cellulose wadding and webs of cellulose fibres, coated, impregnated, covered, surface-coloured, surface-decorated or printed, in rolls or in square or rectangular sheets, of any size (excl. goods of heading 4803, 4809 and 4810) 3.0%
See More Products 76.1%
26.1 bn USD of products imported in 2022
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) 8.5%
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 8.0%
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) 3.2%
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) 2.0%
Cheese and curdCheese and curd 1.5%
See More Products 76.8%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Actualitzacions: November 2023

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