Balance of payments of Luxembourg during the first quarter of 2022
The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for the first quarter of 2022 recorded a surplus of 440 million euros, a decrease of 28 million compared to the same period of the previous year.
The goods surplus stood at 432 million euros and decreased in the first quarter of 2022 (-100 million). Both exports and imports of goods, show significant increases of around 11%, respectively 14%. First, net exports from goods under merchanting (purchases of goods abroad and their resale abroad) were down 17% (-136 million euros). For general merchandise (i.e. excluding merchanting), exports went up 15% (+790 million euros), while imports increased by 14% (+754 million euros).
The balance of international trade in services increased by 7% in the first quarter of 2022 (+ 360 million euros), due to the fact that exports and imports have increased at a sustained pace, with 8% respectively. At the level of sub-items however, evolutions were more contrasted. Trade in non-financial services increased for exports (7%) and imports (6%). International trade in financial services, meanwhile, posted strong growth, with 9% for exports and 11% for imports. This evolution is driven mainly by the significant appreciation (6%) in assets managed by investment funds during the period under review
In the financial account, during the first quarter of 2022, direct investment flows were still characterized by disinvestment operations for both assets (-12 billion euros) and liabilities (- 26 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 34 billion euros in the first quarter of 2022, compared with net inflows of 130 billion euros in the same quarter in 2021. On the other hand, Luxembourg debt securities experienced net inflows of 0.5 billion euros in the first quarter of 2022 compared with net outflows of 2 billion euros in the same quarter of 2021. Transactions in foreign equity securities, for their part, resulted in net inflows of 25 billion euros in the first quarter of 2022, compared to net outflows of 92 billion in the same quarter in 2021. Foreign debt securities also recorded net inflows, amounting to 41 billion euros in the first quarter of 2022, compared to net outflows of 17 billion in the first quarter 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
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