Analysis and Studies - Country Analysis
Luxembourg: a look at the market
July 6th 2023
Founded in 963, Luxembourg became a grand duchy in 1815 and later achieved independence under the Netherlands. In 1839, it lost over half of its territory to Belgium but gained increased autonomy. In 1867, Luxembourg gained full independence on the condition of perpetual neutrality. During both world wars, it was occupied by Germany but abandoned neutrality in 1948 by joining the Benelux Customs Union and NATO in 1949. Luxembourg was one of the six founding members of the European Economic Community (EEC) in 1957, now known as the European Union (EU), and adopted the euro currency in 1999.
From an economic standpoint, Luxembourg is a high-income EU member with a strong presence in global finance and information storage. It boasts a high GDP per capita, significant government spending, and utilizes a unique audit accountancy system based on company sizing. However, Luxembourg faces challenges such as an aging labor force and the impact of the COVID-19 pandemic.
A look at the market
Luxembourg's primary exported goods include Iron Blocks valued at $1.37 billion, Cars at $696 million, Rubber Tires at $677 million, Gas Turbines at $475 million, and Iron Sheet Piling at $469 million. These exports are mainly directed towards Germany, accounting for $4.07 billion, followed by France at $3 billion, Belgium at $2.16 billion, the Netherlands at $1.37 billion, and Italy at $833 million.
In terms of imports, Luxembourg primarily brings in Cars worth $2.2 billion, Refined Petroleum valued at $1.8 billion, Computers at $1.08 billion, Scrap Iron at $1 billion, and Electricity at $642 million. These imports are predominantly sourced from Germany amounting to $7.29 billion, followed by Belgium at $6.9 billion, France at $3.14 billion, China at $1.67 billion, and the Netherlands at $1.56 billion.
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