Luxembourg's current account surplus increased to €11.8bn in 2024, marking a rise of €2.8bn compared to 2023, according to provisional results released by the Luxembourg Central Bank (BCL) and Statec, the national statistics bureau, on 3 April 2025.

Goods trade surplus

The goods trade surplus reached €1.5bn, reflecting a growth of €1.1bn from 2023. This increase was attributed to a 3% rise in goods exports, while imports declined slightly by 1%. Net exports from goods under merchanting expanded by €155m. Exports of general merchandise, excluding merchanting, rose by 3%, amounting to an increase of €710m, whereas imports contracted by 1%, decreasing by €255m.

Services trade

The balance of international trade in services recorded a strong annual growth of 6.5%, equivalent to €2.3bn. This was driven by a 3.5% increase in service exports, surpassing the 2.6% rise in imports. Within this category, trade in non-financial services grew marginally, with exports increasing by 1.7% and imports by 1.0%. Meanwhile, financial services trade exhibited more substantial growth, as exports rose by 5.6% and imports by 4.9%. This expansion was primarily due to an 8% increase in average assets managed by investment funds compared to 2023.

Direct investments were positive for both assets and liabilities, with figures reaching €123.7bn and €100.7bn, respectively. This contrasted with the disinvestment trends observed in 2023.

Portfolio investments

According to the BCL and Statec, portfolio investment activity showed a notable rise in net inflows of Luxembourg equities, which reached €171.2bn in 2024, compared to €101.5bn in the previous year. However, transactions in foreign equities remained negative, amounting to -€41.5bn, though this represented an improvement from -€66.5bn recorded in 2023.

Foreign debt securities continued to attract net acquisitions in 2024, totalling €200.4bn, as investors shifted their portfolios towards debt securities at the expense of equities. Luxembourg debt securities also saw increased net inflows, reaching €30.8bn, up from €21.6bn in 2023.