Balance of payments of Luxembourg during the year of 2024

The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for 2024 showed a surplus of 11.8 billion euro, i.e. an increase of 2.8 billion euro compared to the previous year.

The goods surplus reached 1.5 billion euro in 2024, corresponding to an increase of 1.1 billion euro compared to the previous year. This growth was driven by a 3% increase in goods exports, while imports slightly declined (-1%). Specifically, net exports from goods under merchanting (purchases of goods abroad and their resale abroad) expanded by 155 million euro. Additionally, general merchandise (i.e. excluding merchanting) exports increased by 3% (710 million euro), while imports contracted slightly by 1% (-255 million euro).

The balance of international trade in services experienced a strong growth of 6.5% in 2024 (2.3 billion euro) compared to 2023, driven by a 3.5% increase in exports, which outpaced the 2.6% rise in imports. At the sub-item level, trade in non-financial services increased marginally for exports (1.7%) and for imports (1.0%). In contrast, international trade in financial services progressed more significantly, with exports up by 5.6% and imports by 4.9%. This evolution is driven mainly by an increase in average assets managed by investment funds during the period under review (8%) compared to 2023.

In the financial account, direct investments were positive during 2024 for both assets (123.7 billion euro) and liabilities (100.7 billion euro), compared to disinvestments in 2023.

Regarding portfolio investments, Luxembourg equities recorded net inflows, reaching 171.2 billion euro during the year 2024, compared to net inflows of 101.5 billion euro in 2023.

On their side, transactions in foreign equities were again negative in 2024 (-41.5 billion euro, -66.5 billion euro in 2023). By contrast, foreign debt securities continued to be subject of net acquisitions in 2024, amounting to 200.4 billion euro. Indeed, investors partially reallocated their portfolios towards debt securities at the expense of equities. Finally, Luxembourg debt securities recorded net inflows of 30.8 billion euro, which corresponds to an increase vis-à-vis the previous year (21.6 billion euro).

 

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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