Balance of payments of Luxembourg during the first three quarters of 2024

The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for the first three quarters of 2024 showed a surplus of 6 billion euro, i.e. an increase of 1.3 billion euro compared to the same period of the previous year.

The goods surplus stood at 691 million euro in the first three quarters of 2024, corresponding to an increase of 1.7 billion euro compared to the same period of the previous year. Indeed, exports of goods increased (4%) while imports decreased substantially (-5%). Firstly, net exports from goods under merchanting (purchases of goods abroad and their resale abroad) expanded by 642 million euro. Secondly, general merchandise (i.e. excluding merchanting) exports increased slightly by 0.2% (i.e. 40 million euro), while imports shrank by 5% (-1 billion euro).

The balance of international trade in services grew strongly by 8,7% in the first three quarters of 2024 (+1,6 billion euro) compared to the same period of the previous year, due to the fact that exports rose by 2,6%, much more than imports with 1.2%. At the level of sub-items, evolutions were divergent. Trade in non-financial services decreased marginally for exports (-0.4%) and for imports (-0.5%). International trade in financial services, meanwhile, progressed with 5.3% for exports and 3.2% for imports. This evolution is driven mainly by an increase in average assets managed by investment funds during the period under review (7%) compared to the same period of the previous year.

In the financial account, direct investments were positive in the first three quarters of 2024, for assets (31 billion euro) and negative for liabilities (-4.5 billion euro).

Regarding portfolio investments, transactions of Luxembourg equities recorded net inflows, reaching 90.1 billion euro in the first three quarters of 2024, compared to net inflows of 60.8 billion euro in the first three quarters of last year.

On their side, transactions in foreign equity securities resulted in significant disinvestments (-31 billion euro), compared to net sales (-20.6 billion euro) in the first three quarters of 2023. In addition, foreign debt securities continued to be subject of net acquisitions in the first three quarters of 2024, amounting to 144 billion euro. Indeed, investors partially reallocated their portfolios towards debt securities at the expense of equities. Finally, Luxembourg debt securities recorded net inflows of 21.7 billion euro, while the latter recorded net inflows (19.8 billion euro) during the first three quarters of the previous year.

 

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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