Central Bank of Luxembourg and STATEC publish provisional balance of payments showing a EUR 5,913m current account surplus in the first three quarters of 2025

The Central Bank of Luxembourg and Luxembourg’s national statistics office STATEC released provisional balance of payments results for the first three quarters of 2025, showing a current account surplus of EUR 5,913 million, down EUR 932 million compared with the same period of the previous year. The goods balance posted a surplus of EUR 1,218 million, a deterioration of EUR 139 million, with exports up 2% and imports up 3%; net exports from international merchanting rose by EUR 510 million while the general merchandise deficit widened as exports fell 0.4% (EUR 67 million) and imports increased 2.9% (EUR 582 million). The services surplus declined 10% (EUR 2,369 million), as imports rose 4.6% versus export growth of 1.3%; non-financial services exports were broadly flat (-0.1%) while imports rose 5.5%, and financial services exports increased 2.5% alongside a 3.6% rise in imports, linked to a 6% increase in average assets managed by investment funds. In the financial account, direct investment was EUR 11.8 billion for assets and EUR -25.7 billion for liabilities (mainly intra-group loans); portfolio flows included net inflows into Luxembourg equities held by collective investment undertakings (OPC) of EUR 284.9 billion (versus EUR 115.1 billion a year earlier), positive investment in foreign equities of EUR 42.5 billion (versus EUR -27.3 billion), resident purchases of foreign debt securities of EUR 267.4 billion, and net inflows into Luxembourg debt securities of EUR 47.2 billion (versus EUR 10.4 billion). Other investment increased both abroad (EUR 124.7 billion, mainly loans and deposits) and into Luxembourg (EUR 101.5 billion, notably non-resident lending to resident investment funds).