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Balance of payments of Luxembourg during the first quarter of 2023
28.06.2023
The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for the first quarter of 2023 showed a surplus of 242 million euros, a decrease of 76 % compared to the same period of 2022 (-773 million euros).
The goods deficit stood at 161 million euros and decreased slightly in the first quarter of 2023 by 183 million euros. Both exports and imports of goods showed minor increases of 3%, respectively 0%. On the other hand, net exports from goods under merchanting (purchases of goods abroad and their resale abroad) increased up to 44 % (230 million euros). For general merchandise (i.e. excluding merchanting), exports went down 1% (45 million euros), while imports remained stable with 0 % (+3 million euros).
The balance of international trade in services decreased by 16% in the first quarter of 2023 (- 1 032 million euros), because exports have dropped by 3% and imports have remained nearly stable with 0.4 %. At the level of sub-items however, evolutions were more contrasted. Trade in non-financial services dropped mainly for exports (-9 %) and less for imports (-1.8 %). International trade in financial services, meanwhile, progressed with +2.7 % for exports and +2.9 % for imports.
In the financial account for the first quarter of 2023, direct investment flows were still characterized by large disinvestments for both assets (-30.5 billion euros) and liabilities (- 35 billion euros). These disinvestments concerned a small number of SOPARFIs that continued restructuring, ceasing or relocating their activities.
Regarding portfolio investments, transactions in Luxembourg equities resulted in net inflows of 41 billion euros in the first quarter of 2023, compared with net outflows of 13 billion euros in the first quarter of 2022. On the other hand, Luxembourg debt securities experienced net inflows of 10 billion euros in the first quarter of 2023, compared with net outflows of 2 billion euros for the same period in 2022. For their part, transactions in foreign equity securities also resulted in net outflows of 7 billion euros in the first quarter of 2023, compared to net sales of 16 billion in the first quarter of 2022. Net sales in foreign debt securities have reduced during the first quarter of 2023, reaching 1 billion euros in the first quarter of 2023, compared to net sales of 39 billion during the first quarter of 2022.
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
