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Balance of payments of Luxembourg during the first quarter of 2019
11-07-2019 | STATEC | BCL

The Central Bank of Luxembourg (BCL) and STATEC inform that, according to preliminary results, the current account for the first quarter of 2019 resulted in a surplus of 725 million euros, a decrease of 1644 million compared to the same period of the previous year.

The trade deficit (general merchandise) increased only slightly (by 25 million euros or 1.6%) in the first quarter of 2019. The reduction of the goods deficit (333 million euros) is due to net exports of merchanting (purchases and sales of goods abroad without LU border crossing), which increased by around 47%. However, caution should be exercised when interpreting these still tentative figures, as the merchanting activity is volatile, dominated by a small number of large multinationals and impacted by transfer pricing effects (billing between companies belonging to the same group).