Luxembourg, the "Green Heart of Europe" as it is referred to, is amongst the wealthiest countries in the world. The industries that bring Luxembourg its economic success are: banking (the largest sector in Luxembourg), steel, telecommunications, agriculture and tourism. Luxembourg’s economy is also largely based on export.
Traditionally, Luxembourg imports most of the consumer goods and exports industrial products.
The main export commodities in Luxembourg are: steel products, machinery and equipment, foodstuffs, diamonds, chemicals, other products. Luxembourg’s main export partners are: Germany, France and Belgium.
The main exported goods and their destination country can be summarised as follows:
- ores and metals exported in: Germany, France and Belgium (country classification according to the value of the exports);
- office, telecom and electrical equipment exported in the United Kingdom;
- basic food and food products exported in Germany;
- chemicals exported in Germany;
- ores and metals exported in the Netherlands.
Today, other goods exported by Luxembourg are: beverage and tobacco, textiles, road vehicles and transport equipment and pharmaceuticals.
It is expected that the future exports of Luxembourg will mainly be ores and metals, other manufactured products and office and telecom equipment. These top export products will represent more than 50% of the total exported goods.
The main imported goods in Luxembourg are fuels, foodstuffs, ores and metal, different consumer goods. Luxembourg mainly imports from the European Union - Belgium, Germany, France, the Netherlands, but also China, the United Kingdom and the United States.
The main imported goods come from:
- fuels from Belgium;
- office, telecom and electrical equipment from China;
- ores and metals from Germany;
- other manufactures and other products from Germany;
- road vehicles and transport equipment from Belgium and Germany.
It is expected that in the future Luxembourg will mainly import fuels from Belgium, office, telecom and electrical equipment from China and ores and metals from Germany.
If your company deals with exports and imports from/in Luxembourg or if you want to open a company in Luxembourg that deals with foreign trade, contact our lawyers in Luxembourg for more information regarding international trade.
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