There was another surplus on the current account (€2.75bn) according to the Luxembourg Central Bank and Statec. This is the measure that represents a country’s imports and exports of goods and services, payments made to foreign investors, and transfers such as foreign aid. This surplus was down by about 5% on 2019.

The value of goods exports fell by 14.5% and imports by 10.9%, with declines recorded in all categories, but particularly fuel, as there was less demand for kerosene for plane and diesel for trucks.

Trade in services also contracted with exports down 4.2% and imports dropping 5.1%, with only the financial services sector (reporting an increase of 2.4% in exports and 1.8% in imports) and transport services not reporting declines. No surprise, travel, cultural and recreation trade were the areas hardest hit.