Rich Luxembourg Exports & Imports

World’s Richest Country Can Afford its Global Trade Deficit

Jan 10, 2008 Daniel Workman

Luxembourg's international trade statistics show that the wealthy European Union nation has significantly reduced its deficit with the United States.

In 2005, Luxembourg’s Gross National Product per capita was $61,610 in international dollars. According to World Bank Development Indicators (2006), this measure makes Luxembourg the wealthiest nation on the planet.

The Central Intelligence Agency’s World Factbook explains that Luxembourg benefits from its strategic location as a hub for the land transportation routes of European Union trade partners - particularly Belgium, France and Germany. Luxembourg is also blessed with a number of efficient airports that facilitate air express deliveries from around the world.

Luxembourg is home to about a half million people. More than 60% of Luxembourgian workers are immigrant or cross-border workers. Luxembourg’s economy is led by its financial sector, notably foreign-owned banks.

Global Exports and Imports

Luxembourg exported US$16.6 billion worth of products in 2006. Exports included chemicals, glass, machinery and equipment, rubber goods and steel products. Major trade partners are Germany (19.3% of total exports), France (15.5%), Italy (9.5%), United Kingdom (9.5%), Belgium (8.8%), Spain (5.3%) and the Netherlands (4.5%).

Luxembourg imported about $20.9 billion in commodities ranging from food and high-end consumer goods to metals and minerals. Leading suppliers of Luxembourgian imports included Belgium (26.3% of total imports), Germany (20.1%), China (16.7%), France (8.5%), United Kingdom (5.5%) and the Netherlands (4.2%).

Luxembourg’s overall international trade deficit was $4.3 billion in 2006.

Exports to U.S.

Luxembourg exported US$534.2 million worth of merchandise to the United States in 2006, up 37.4% from 2005 and up 78.1% in 4 years.

1. Iron and steel products …US$92 million (17.2% of Luxembourg to U.S. exports, up 18.2% from 2005)
2. Semi-finished iron and steel mill products … $88.2 million (16.5%, up 45.8%)
3. Other precious metals … $78.5 million (17.5%, up from nil in 2005)
4. Finished textile industrial supplies … $37.8 million (7.1%, up 16%)
5. Finished metal shapes … $33.4 million (6.3%, up 85.4%)
6. Other industrial machinery … $27 million (5.1%, up 2.3%)
7. Woodwork, glass, plastic and rubber machinery … $23.4 million (4.4%, down 38.5%)
8. Measuring, testing and control instruments … $20.9 million (3.9%, up 64.7%)
9. Electric apparatus and parts … $18.1 million (3.4%, up 11.2%)
10. Abrasives, boxes, belting, glass … $16.7 million (3.1%, up 15.7%).

Fastest-Growing Luxembourgian Exports to U.S.

Below are American imports from Luxembourg in 2006 with the highest percentage sales increases from 2005.

1. Other precious metals … $78.5 million (17.5%, up from nil in 2005)
2. Other military equipment … $3.5 million (up 172,800%)
3. Materials handling equipment … $4.4 million (up 530%)
4. Automotive tires and tubes … $12.6 million (up 442%)
5. Machine metal working, molding and rolling tools … $3.4 million (up 126%).

Luxembourgian Imports from U.S.

Luxembourgian imports from the U.S. fell 25.9% to $579.8 million in 2006, up 20.8% since 2002.

Of American exports to Luxembourg in 2006, the following product categories had the highest values.

1. Computers … US$73.9 million (12.7% of Luxembourg from U.S. imports, down 2.1% from 2005)
2. Other industrial supplies … $54.6 million (9.4%, up 18.6%)
3. Civilian aircraft parts … $53.2 million (9.2%, up 5.7%)
4. Civilian aircraft engines … $40.4 million (7%, down 3.9%)
5. Electric apparatus … $36.1 million (6.2%, up 27.9%)
6. Medicinal equipment … $28.5 million (4.9%, up 1485%)
7. Computer accessories … $22.1 million (3.8%, up 6.8%)
8. Nuts … $20.4 million (3.5%, down 11.9%)
9. Manmade cloth … $19.2 million (3.3%, up 44.3%)
10. Complete civilian aircraft … $16.7 million (2.9%, down 5.6%).

Fastest-Growing Luxembourgian Imports from U.S.

Below are American exports to Luxembourg in 2006 with the highest percentage sales increases from 2005.

1. Trucks, buses and special purpose vehicles … US$1.1 million (up 2,615% from 2005)
2. Medicinal equipment … $28.5 million (up 1,484%)
3. Laboratory testing instruments … $1.6 million (up 762%)
4. Inorganic chemicals … $1.5 million (up 512%)
5. Industrial rubber products … $8 million (up 307%).

In terms of the merchandise flow between the two countries, Luxembourg’s trade deficit with America was $45.6 million in 2006 – almost 4 times less than $180 million deficit in 2002. The Luxembourgian trade deficit with the U.S. decreased by a remarkable 862% in 2006 from the 2005 deficit of $393.6 million.

Sources for this Article

The copyright of the article Rich Luxembourg Exports & Imports in International Trade is owned by Daniel Workman. Permission to republish Rich Luxembourg Exports & Imports in print or online must be granted by the author in writing.

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Comments

May 8, 2008 2:01 PM

Guest :

Wow!! i luvvvvv rich countries

Dec 30, 2008 10:37 PM

Guest :

small country but so blessed.but are they Christians? i hope i'll soon be visiting this clever country.:-)

2 Comments