Prince Henri Auditoire 02 BW

Balance of payments of Luxembourg during the first semester of 2023


The Banque centrale du Luxembourg (BCL) and STATEC inform that, according to the first provisional results, the current account for the first semester of 2023 showed a surplus of 2 billion euros, a decrease of 486 million euros compared to the same period of the previous year.

The goods deficit stood at 759 million euros and improved in the first semester of 2023 (946 million euros). Overall, exports of goods climbed by 6 % while imports decreased by -2 %. This development was explained by net exports from goods under merchanting (purchases of goods abroad and their resale abroad) that went up and became positive (923 million euros). For general merchandise (i.e. excluding merchanting), exports and import went down by 2 %.

The balance of international trade in services fell by 10.6 % in the first half of 2023 (-1.5 billion euros), due to the fact that exports decreased (-1.3 %) while imports increased (1.2 %). At the level of sub-items, evolutions were diverse. Trade in non-financial services decreased for exports (-5 %) and remained stable for imports (0.3 %). International trade in financial services, meanwhile, showed a smaller growth than in the past, with 1.7 % for exports and 2.3 % for imports. This evolution was mainly driven by the stability in assets managed by investment funds during the period under review (1 %).

In the financial account for the first semester of 2023, direct investment flows were still characterized by large disinvestments for both assets (-100 billion euros) and liabilities (-130 billion euros). Theses disinvestments concern a small number of SOPARFI’s that are continuing restructuring, ceasing or reallocating their activities.

When it comes to portfolio investments, transactions in Luxemburgish equities resulted in net inflows of 51 billion euros during the first semester of 2023, compared with net outflows of 37 billion euros during the same period in 2022. On the other hand, Luxembourg debt securities experienced net inflows of 1 billion euros, compared to net outflows (3 million euros) during the first semester of 2022.

For their part, transactions in foreign equity securities resulted in net outflows of 9 billion euros, compared to net sales of 31 billion euros for the first semester of 2022. Foreign debt securities recorded 34 billion euros net purchases during the first semester of 2023, which differs significantly from the first semester of 2022 where we had net sales for an amount of 90 billion euros.

Detailed statistical tables are available on BCL’s website ( as well as on the website of STATEC (


Table: Balance of payments of Luxembourg 

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For further information, please contact:

  • STATEC - Mr. Michaux  -           
  • BCL - « Communication » section  -  at 4774-4265 ou 4599