Luxembourg flag Luxembourg: Economic and Political Overview

Foreign trade figures of Luxembourg

Foreign Trade in Figures

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 20192020202120222023
Imports of Goods (million USD) 24,26421,16526,17027,20825,535
Exports of Goods (million USD) 16,45113,83916,80017,31317,148
Imports of Services (million USD) 91,54798,663124,055114,297119,733
Exports of Services (million USD) 112,683125,962155,948144,720148,728

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) -1.41.22.52.52.4
Volume of imports of goods and services (Annual % change) -0.11.52.62.52.5

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)
2023
Germany 25.4%
France 15.6%
Belgium 12.3%
Netherlands 6.7%
United States 3.2%
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%
See More Countries 35.4%

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 76.0%
26.6 bn USD of products imported in 2022
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 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) 8.3%
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) 3.0%
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 75.7%

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

 
 

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