The report published by Luxembourg’s central bank, BCL, and state statistics office Statec, shows that the goods surplus stood at €432m and decreased by €100m in the first quarter of 2022, with an increase in exports (11%) and imports (14%). The balance of international trade services increased by 7% (+€360m).
Transactions in Luxembourg shares--affected by the increased uncertainty of the financial markets--resulted in net outflows of €34bn in the first quarter of 2022 compared to the last quarter of 2021. ‘Shares’ in this case primarily refer to shares in Luxembourg-domiciled investment funds, which is why the number is comparatively large.
Direct investment flows were affected by divestment transactions both for assets (-€12bn) and liabilities (-€10bn). Transactions in foreign equity securities saw a net outflow of €25bn in the first quarter of 2022 compared to the last quarter of 2021. Foreign debt securities similarly recorded net inflows of €41bn compared to net outflows of €17bn in 2021.