That dollar amount results from a 15.8% increase from $13.5 billion five years earlier during 2020.
Year over year, Luxembourg’s revenues from exports fell by -4.3% compared to $16.3 billion in 2023.
Applying a continental lens, 86.2% of Luxembourg’s exports by value was delivered to other European countries while 6.8% was sold to importers in Asia. Luxembourg shipped another 4.3% worth of goods to buyers in North America.
Tinier percentages went to customers located in Africa (1.8%), Latin America excluding Mexico but including the Caribbean (0.7%) then Oceania led by Australia and New Zealand (0.2%).
Luxembourg is one of the four European Union institutional seats. In addition, Luxembourg is home to the Court of Justice of the European Union. Other EU member states bought 80.6% of total Luxembourg export sales.
Luxembourg’s Top Trading Partners
Below is a list showcasing 25 of Luxembourg’s top trading partners, countries that imported the most Luxembourg shipments by dollar value during 2024. Also shown is each import country’s percentage of total Luxembourg exports.
- Germany: US$3.9 billion (24.9% of Luxembourg’s total exports)
- France: $2.4 billion (15.4%)
- Belgium: $2.1 billion (13.1%)
- Netherlands: $984.5 million (6.3%)
- Italy: $714.9 million (4.6%)
- Spain: $522.6 million (3.3%)
- United States: $429.9 million (2.7%)
- Poland: $401.4 million (2.6%)
- United Kingdom: $359.5 million (2.3%)
- Austria: $284 million (1.8%)
- Switzerland: $253.1 million (1.6%)
- mainland China: $250.7 million (1.6%)
- Sweden: $182 million (1.2%)
- Czech Republic: $178.6 million (1.1%)
- Türkiye: $175.9 million (1.1%)
- Mexico: $137.9 million (0.9%)
- Denmark: $135.7 million (0.9%)
- Romania: $118.4 million (0.8%)
- Hungary: $115.4 million (0.7%)
- Canada: $99.6 million (0.6%)
- Portugal: $97.8 million (0.6%)
- Slovakia: $78.6 million (0.5%)
- Vietnam: $77.3 million (0.5%)
- Ireland: $76 million (0.5%)
- Japan: $72 million (0.5%)
Nearly nine-tenths (90.2%) of Luxembourg exports in 2024 was delivered to the above major trade partners.
The fastest growers among Luxembourg’s listed trading partners were buyers in Hungary (up 39.8% from 2023), Spain (up 17.3%), mainland China (up 14.3%), Portugal (up 13.9%) then Vietnam (up 13.6%).
There were 7 double-digit percentage decliners. These were customers in Slovakia (down -25% from 2023), Türkiye (down -21.9%), Mexico (down -16.7%), Switzerland (down -16.6%), United States of America (also down -16.6%), Canada (down -14%) and the United Kingdom (down -11.5%).
Countries Causing Luxembourg’s Largest Trade Deficits
Luxembourg experienced an overall -US$9.27 billion trade deficit during 2024, increasing by 4.5% from -$8.87 billion in red ink one year earlier in 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit. It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Luxembourg incurred the highest trade deficits with the following countries.
- Belgium: -US$3.8 billion (country-specific trade deficit in 2024)
- Germany: -$2 billion
- mainland China: -$533.5 million
- France: -$353.7 million
- Japan: -$217.7 million
- Poland: -$212.6 million
- United States: -$179.6 million
- Italy: -$136.3 million
- Netherlands: -$116.6 million
- Indonesia: -$103.8 million
Among Luxembourg’s trading partners that cause the greatest negative trade balances, Luxembourgian deficits with France (up 85.3%), Germany (up 23.1%) and the United States of America (up 20.4%) grew at the fastest pace from 2023 to 2024.
These cashflow deficiencies clearly indicate Luxembourg’s competitive disadvantages with the above countries, but also represent key opportunities for Luxembourg to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Luxembourg’s Largest Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Luxembourg incurred the highest trade surpluses with the following countries.
- Romania: US$90.3 million (country-specific trade surplus in 2024)
- Mexico: $84.1 million
- Denmark: $61.5 million
- Austria: $61.5 million
- Türkiye: $61.5 million
- Switzerland: $60.9 million
- Sweden: $51.3 million
- Saudi Arabia: $51.3 million
- Norway: $43.3 million
- United Arab Emirates: $36.3 million
Among Luxembourg’s trading partners that generate the greatest positive trade balances, Luxembourgian surpluses with Sweden (up 139.6%) and Romania (up 32.5%) grew from 2023 to 2024.
These positive cashflow streams clearly indicate Luxembourg’s competitive advantages with the above countries, but also represent key opportunities for Luxembourg to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Luxembourg Trading Partners
Seven corporations based in Luxembourg rank among Forbes Global 2000, including the bank Espirito Santo Financial. Below are the other major Luxembourg companies that Forbes included.
- ArcelorMittal (iron, steel)
- Millicom International (telecommunications)
- RTL Group (broadcasting, cable)
- SES (broadcasting, cable)
- Tenaris (oil services, equipment)
- Ternium (iron, steel)
Wikipedia lists companies from Luxembourg, some of which are international trade players.
- Brasserie Nationale (brewery)
- Cargolux (cargo airliner)
- Ceratizit (hard metals)
- ROTAREX Group (medical equipment)
See also Luxembourg’s Top 10 Exports, Germany’s Top Trading Partners, France’s Top Trading Partners, Belgium’s Top Trading Partners and Top EU Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Europe: Luxembourg. Accessed on December 26, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 26, 2025
International Trade Centre, Trade Map. Accessed on December 26, 2025
Investopedia, Net Exports Definition. Accessed on December 26, 2025
Wikipedia, List of Companies of Luxembourg. Accessed on December 26, 2025
Wikipedia, Luxembourg. Accessed on December 26, 2025