In this economic guide to Luxembourg we’ll give you an overview of the Luxembourgian economy, including its primary imports and exports of goods and services.
Luxembourg Economy Overview
Luxembourg, officially the Grand Duchy of Luxembourg, is primarily a service economy, exporting $97 billion in services according to the most recent data.
The tiny country exported $57.4 billion in financial services and $16.4 billion in other professional services. Luxembourg also provides transportation, travel, and computer services, totaling over $13.2 billion.
GDP of Luxembourg
Luxembourg’s service economy made it the 72nd largest economy in the world in terms of GDP, but per-capita it’s the world’s 2nd largest economy.
Luxembourg’s services exports totaled $97 billion and its service imports topped $73.7 billion. It ranks 17th in services exports and 18th in services imports globally.
Luxembourg’s Top 5 Commodity Exports
- Iron Blocks – $61 million
- Iron Sheet Piling – $41 million
- Commodities not elsewhere specified – $34 million
- Non-woven Textiles – $29 million
- Coated Flat-Rolled Iron – $18 million
Luxembourg’s Other Notable Exports
- Cars – $64 million
- Rubber Tires – $38 million
- Self-adhesive Plastics – $31 million
- Trailers – $27 million
- Rubberworking Machinery – $27 million
Luxembourg’s Top 5 Commodity Imports
- Refined Petroleum – $69 million
- Commodities not elsewhere specified – $54 million
- Scrap Iron – $35 million
- Cheese – $23 million
- Scrap Aluminum – $15 million
Luxembourg’s Other Notable Imports
- Cars – $223 million
- Packaged Medicaments – $36 million
- Rubberworking Machinery – $24.4 million
- Computers – $24.3 million
- Telephones – $21 million
Details on Luxembourg’s Imports/Exports
Luxembourg imposes tariffs on some of its commodity imports. Here are the five highest tariffs in percentage of price.
- Sugar beet – 178.2%
- Whey – 173.0%
- Mushrooms, prepared or preserved, not in vinegar – 135.8%
- Vegetables: mushrooms of the genus Agaricus, provisionally preserved but unsuitable in that state for immediate consumption – 125.4%
- Concentrated, unsweetened milk and cream – 108.6%
All figures based on OEC/IMF 2018 calculations and projections unless otherwise stated.
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