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 394% 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 base metals (19.8%), machinery (18.9%), plastics (14.9%), vehicles (11.6%), and products of the chemical industry (6.9%); whereas imports are led by vehicles (17.2%), machinery (15.2%), mineral products (13.4%), base metals (10.7%), products of the chemical industry (8.1%), and plastics (8%- 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 neighbouring countries represent more than 50%. In 2023, its main customers were Germany (25.4%), France (15.6%), Belgium (12.3%), the Netherlands (6.7%), and Italy (4.4%); with imports coming chiefly from Belgium (24.4%), Germany (21.8%), France (10.4%), the Netherlands (4.7%), and Italy (3.4% - data Comtrade).

In 2023, the country exported USD 148.7 billion of services (+2.7% y-o-y), importing USD 119.7 billion (+4.7% - data by WTO). Although the merchandise trade balance is negative (with imports totalling USD 25.5 billion against USD 17.1 billion of exports), Luxembourg has an overall positive trade balance, estimated at 30.8% of its GDP by the World Bank (the sixth-highest ratio in the world in 2023). The Banque Centrale du Luxembourg (BCL) and STATEC report that the current account for the first half of 2024 showed a surplus of EUR 4 billion, up by EUR 1.9 billion from the previous year. The goods surplus reached EUR 267 million, a turnaround from a EUR 1.3 billion deficit in the same period last year, driven by an 8% rise in exports and a 5% drop in imports. The balance of international trade in services grew by 15% to EUR 1.8 billion, with exports rising by 4% and imports increasing by 1.5%.

 
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 20192020202120222023
Foreign Trade (in % of GDP) 382.3372.3393.1388.5394.2
Trade Balance (million USD) 1,7711,584806-664-520
Trade Balance (Including Service) (million USD) 25,10028,51435,29428,76828,000
Imports of Goods and Services (Annual % Change) 7.4-0.412.4-1.9-0.1
Exports of Goods and Services (Annual % Change) 6.00.610.3-0.6-1.4
Imports of Goods and Services (in % of GDP) 175.9169.2179.9177.2181.7
Exports of Goods and Services (in % of GDP) 206.4203.1213.2211.3212.5

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 0.22.62.52.42.4
Volume of imports of goods and services (Annual % change) 0.12.72.52.52.5

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%
Italy 4.4%
See More Countries 35.7%
Main Suppliers
(% of Imports)
2023
Belgium 24.4%
Germany 21.8%
France 10.4%
Netherlands 4.7%
Italy 3.4%
See More Countries 35.3%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

16.3 bn USD of products exported in 2023
Angles, shapes and sections of iron or non-alloy...Angles, shapes and sections of iron or non-alloy steel, n.e.s. 6.8%
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) 5.0%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber 4.9%
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 3.1%
Nonwovens, whether or not impregnated, coated,...Nonwovens, whether or not impregnated, coated, covered or laminated, n.e.s. 2.6%
See More Products 77.6%
25.2 bn USD of products imported in 2023
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) 10.4%
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 7.0%
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) 2.6%
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) 2.5%
Cheese and curdCheese and curd 1.7%
See More Products 75.9%

Source: Comtrade, 2024. 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

148.7 bn USD of services exported in 2023
52.90%
21.19%
11.64%
4.23%
3.75%
2.36%
1.49%
1.40%
0.62%
0.26%
0.14%
0.04%
119.2 bn USD of services imported in 2023
45.88%
15.45%
15.13%
6.35%
5.90%
4.42%
4.05%
1.27%
0.88%
0.35%
0.18%
0.15%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2025