OVERVIEW
Luxemburg is a small country in Western Europe known for its high quality of life, strong financial sector, multilingual culture and, despite its size, the fundamental role in European politics and economics.
Its capital, Luxemburg City, is the center of the country’s geopolitical and cultural structures and hosts several EU institutions, but it’s also the perfect blending of medieval charm and modern infrastructures.
In 2023, Luxembourg ranked
- 72nd in terms of GDP, currently valued as $85.8B, out of 195 economies in the world;
- 82nd in terms of total exports out of 226 countries;
- 2nd in terms of GDP per capita, valued with current US$, out of 196 economies in the world.
ECONOMIC COMPLEXITY RANKING
EXPORT
In 2023 it was estimated that the principal products that were exported from Luxemburg were
- Iron Blocks - $1.28B;
- Gas Turbines - $1.06B;
- Rubber Tires - $885M;
- Iron Sheet Piling - $468M;
- Cars - $468M.
On the other hand, the commonest destinations for Luxemburg Exports were
- Germany - $3.42B;
- France - $2.8B;
- Belgium - $1.59B;
- Netherlands - $1.35B;
- Italy - $1.06B.
IMPORT
In 2023 the most imported products from other countries to Luxemburg were
- Cars - $2.51B;
- Refined Petroleum - $1.79B;
- Electricity - $689M;
- Gas Turbines - $658M;
- Packaged Medicaments - $620M.
These goods are mainly produced by
- Belgium - $6.65B;
- Germany - $5.91B;
- France - $2.71B;
- Netherlands - $1.42B;
- United States - $1B.
YEARLY TRADE
During the last five reported years, the exports of Luxembourg have increased by $1.82B from $17.5B in 2018 to $19.4B in 2023.
The most recent exports are led by
- Iron Blocks - $1.28B;
- Gas Turbines - $1.05B;
- Rubber Tires - $893M;
- Cars - $517M;
- Iron Sheet Piling - $475M.
They were exported primarily to
- Germany - $3.6B;
- France - $2.81B;
- Belgium - $1.72B;
- Netherlands - $1.4B;
- Italy - $1.09B.
CONCLUSIONS
In 2023 Luxemburg continued to strengthen its position as a stable and innovative country, focusing on digital transformation, green finance and sustainable urban development.
Its strategic role in Europe and commitment to innovation reflects a promising future on both national and international levels.
Source: https://oec.world/en
