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Balance of payments of Luxembourg during the first quarter of 2020
26-06-2020 | STATEC | BCL

The Central Bank of Luxembourg (BCL) and STATEC inform that according to the first provisional results, the current account shows a surplus of 956 million euros for the first quarter of 2020, an increase of more than 3 billion compared to the same period of the previous year. This change is mainly explained by investment income, which can strongly fluctuate from one quarter to another.
The goods deficit stood at -237 million euros and only slightly widened in the first quarter of 2020 (-58 million). In terms of exports and imports of goods however, there have been significant decreases. First, net exports of merchanting (purchases and sales of goods without passing through Luxembourg) fell by almost 9% (-121 million euros). For general merchandise (i.e. excluding merchanting), the decrease of exports is close to 10% (-381 million euros) and mainly concerns manufactured products, machinery and equipment. As for imports, which declined by 8.2% (-445 million euros), almost all products were affected. Imports were more impacted than exports mainly due to petroleum products, for which the fall in prices added to the one in volumes.