Luxembourg flag Luxembourg: Economic and Political Overview

Foreign trade figures of Luxembourg

Foreign Trade in Figures

Due to its small size and its location, Luxembourg is very open to foreign trade, which represented 390.3% of its GDP in 2020 (the highest level in the world - World Bank). The country mainly exports commercial services, especially those related to finance. Concerning merchandise, the main exports are angles, shapes and sections of iron or non-alloy steel; motor cars; tyres; and sheet piling of iron or steel; whereas imports are led by cars, petroleum oils, ferrous waste and scrap, and medicaments (Comtrade, latest data available).

Luxembourg is very dependent on its EU partners: almost 80% of total imports of goods came from other member states, and trade activities with its three neighbouring countries represented more than 50%. Its main customers are Germany (26%), France (16.3%) and Belgium (12.4%); the main suppliers being Belgium, Germany and France, which account for 24.3%, 24.1% and 10.7% of total imports, respectively. 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 2020, the country exported USD 110.2 billion of services (-2.2% y-o-y), importing USD 86.4 billion (-3.1% - data by WTO). Although the merchandise trade balance is negative (with imports totalling USD 13.8 billion against USD 20.9 billion of exports), Luxembourg has an overall positive trade balance, estimated at 33% of its GDP by the World Bank (the highest ratio in the world in 2020), while the trade balance of goods is structurally negative. According to preliminary data from the Banque centrale du Luxembourg, in the first half of 2021, the current account showed a surplus of EUR 937 million, a decrease of EUR 2,805 million vis-à-vis the same period of the previous year. Both exports and imports of goods showed significant increases of around 11% and 15% respectively. As for services, exports increased by 10% and imports by 11%.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 21,65722,87324,17524,26420,929
Exports of Goods (million USD) 15,81315,75216,41216,45113,803
Imports of Services (million USD) 71,76378,40184,43789,30286,467
Exports of Services (million USD) 94,579102,173110,507112,724110,215

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

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 390.7400.1387.1381.5390.3
Trade Balance (million USD) -2,285-1,926-2,083-1,2342,778
Trade Balance (Including Service) (million USD) 22,71723,44825,83325,30426,985
Imports of Goods and Services (Annual % Change) 1.60.6-0.30.92.1
Exports of Goods and Services (Annual % Change) 2.60.70.50.82.5
Imports of Goods and Services (in % of GDP) 177.6182.5175.5172.8175.8
Exports of Goods and Services (in % of GDP) 213.0217.6211.6208.8214.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 8.45.93.63.02.9
Volume of imports of goods and services (Annual % change) 8.96.13.63.03.0

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)
2020
Germany 26.0%
France 16.3%
Belgium 12.4%
Netherlands 5.5%
Italy 4.0%
See More Countries 35.8%
Main Suppliers
(% of Imports)
2020
Belgium 24.3%
Germany 24.1%
France 10.7%
Netherlands 3.8%
China 3.3%
See More Countries 33.8%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

13.5 bn USD of products exported in 2020
Angles, shapes and sections of iron or non-alloy...Angles, shapes and sections of iron or non-alloy steel, n.e.s. 5.5%
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) 4.9%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 3.9%
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%
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) 2.8%
See More Products 80.0%
20.9 bn USD of products imported in 2020
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) 10.9%
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 4.9%
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) 2.3%
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) 2.3%
Powered aircraft e.g. helicopters and aeroplanes;...Powered aircraft e.g. helicopters and aeroplanes; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles 2.2%
See More Products 77.4%

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

Source: United Nations Statistics Division, 2021. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: July 2022