Balance of payments of Luxembourg for the first half of 2022

The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for the first half of 2022 recorded a surplus of 2 274 million euros, a decrease of 1 512 million compared to the same period of the previous year.

The goods surplus stood at 402 million euros and increased in the first half of 2022 (+103 million euros). Both exports and imports of goods, show significant increases of around 19% each. In the same way, net exports from goods under merchanting (purchases of goods abroad and their resale abroad) were up 19% (+588 million euros). For general merchandise (i.e. excluding merchanting), exports went up 16.5% (+1 772 million euros), while imports increased by 18.7% (+2 257 million euros).

The balance of international trade in services increased by 9.1% in the first half of 2022 (+1 094 million euros), due to the fact that exports (+6.1%) increased more than the imports (+5.3%). At the level of sub-items, evolutions were similar. Trade in non-financial services increased for exports (+6.2%) and imports (+3.3%). International trade in financial services, meanwhile, posted less strong growth than in the past, with +6.0% for exports and +7.7% for imports. This evolution was driven mainly by the significant depreciation in assets managed by investment funds, accelerating in the second quarter, during the period under review (-6%).

In the financial account, in the first half of 2022, direct investment flows were still characterized by disinvestment operations for both assets (-43 billion euros) and liabilities (- 59 billion euros). These disinvestments concerned a small number of SOPARFIs that continued restructuring, ceasing or relocating their activities.

Regarding portfolio investments, following the increased uncertainty in the financial markets, transactions in Luxembourg equities (largely Investments Funds shares), resulted in net outflows of 48 billion euros in the first half of 2022, compared with net inflows of 305 billion euros in the same half in 2021. On the other hand, Luxembourg debt securities experienced net inflows of 6 billion euros in the first half of 2022. Transactions in foreign equity securities, for their part, resulted in net sales of 44 billion euros in the first half of 2022, compared to net purchases of 161 billion in the same half in 2021. Foreign debt securities also recorded net sales, amounting to 74 billion euros in the first half of 2022, compared to net purchases of 70 billion in the first half of 2021.

Detailed statistical tables are available on BCL’s website (www.bcl.lu) as well as on the website of STATEC (www.statistiques.lu).

 

Table: Balance of payments of Luxembourg

 

 

For further information, please contact:

• STATEC - Mr. Michaux - michaux@statec.etat.lu    

• BCL - « Communication » section - info@bcl.lu

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