Luxembourg is among few economically stable countries that exports in excess of fifty percent of its gross domestic product. Some other important names in this regard are Belgium, Netherlands, Slovakia, Austria, Hungary, Denmark, Ireland, Sweden and Czech Republic. In an effort to save its export scenario from inevitable after effects of global financial crisis authorities responsible for Luxembourg export, import and trade have decided to take some necessary steps. Luxembourg export, import and trade authorities have decided to use insurance covers against export credit. It is expected that these insurance facilities would be provided on a short term basis as per reports on Luxembourg import and export. This Luxembourg export step has received backing from European Commission. As per this plan, export companies that are unable to purchase insurance for trade credit at open markets would now be eligible to be covered – maximum amount in this case being $32.6 million.
Imports in Luxembourg decreased to 1.74 EUR Billion in May from 1.76 EUR Billion in April of 2019. Imports in Luxembourg averaged 1.07 EUR Billion from 1988 until 2019, reaching an all time high of 2 EUR Billion in October of 2011 and a record low of 0.36 EUR Billion in January of 1988.
Imports in Luxembourg is expected to be 1.67 EUR Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Imports in Luxembourg to stand at 1.80 in 12 months time. In the long-term, the Luxembourg Imports is projected to trend around 2.00 EUR Billion in 2020.
Luxembourg has traditionally imported most of its consumer goods and exported industrial products (steel). The nation remains dependent on energy imports. Its main imports are: minerals, metals, foodstuffs and quality consumer goods. Luxembourg’s main import partners are Belgium (36 percent of total imports), Germany (27 percent), France (12 percent), the Netherlands (5 percent), the US (3 percent), Italy (3 percent), Japan (2 percent) and the UK (2 percent).
Exports in Luxembourg decreased to 1.14 EUR Billion in May from 1.20 EUR Billion in April of 2019. Exports in Luxembourg averaged 0.74 EUR Billion from 1988 until 2019, reaching an all time high of 1.20 EUR Billion in October of 2018 and a record low of 0.33 EUR Billion in January of 1988.
Exports in Luxembourg is expected to be 1.30 EUR Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Exports in Luxembourg to stand at 1.02 in 12 months time. In the long-term, the Luxembourg Exports is projected to trend around 1.06 EUR Billion in 2020.
Luxembourg is an export-intensive economy. Besides steel, exports now include chemical and rubber products and finished glass, but the most profitable export is financial services. Main export partners are Germany (27 percent of total exports), France (15 percent), Belgium (12 percent), the Netherlands (6 percent), the UK (4 percent), Italy (4 percent), the US (3 percent) and Poland (3 percent).
