Luxembourg Export, Import and Trade
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Luxembourg trade steps
In an effort to save its export scenario from inevitable after effects of global financial crisis authorities responsible for Luxembourg export, import and trade have decided to take some necessary steps. Luxembourg export, import and trade authorities have decided to use insurance covers against export credit. It is expected that these insurance facilities would be provided on a short term basis as per reports on Luxembourg import and export.This Luxembourg export step has received backing from European Commission. As per this plan, export companies that are unable to purchase insurance for trade credit at open markets would now be eligible to be covered – maximum amount in this case being $32.6 million.
Dignitaries from European Commission have revealed that they have been shown compelling evidence of fact that there is insufficient insurance coverage available as far as these areas are concerned by Luxembourg export authorities.
This plan would be operative till 31st of December 2010. This plan would be executed by Ducroire Luxembourg, which is a nationally supported agency dedicated primarily to export credit.
However, this company would only come into picture if it is proved that privately held credit insurers have brought down their limits. However, Ducroire would not be allowed to exceed general market norms as far as premiums are concerned. This, it is believed would be good enough to encourage exporters to go back to private markets as soon as things return to being normal.
Luxembourg export and national GDP
Luxembourg is among few economically stable countries that exports in excess of fifty percent of its gross domestic product. Some other important names in this regard are Belgium, Netherlands, Slovakia, Austria, Hungary, Denmark, Ireland, Sweden and Czech Republic.
Luxembourg export, import and trade 2008
In 2008 fiscal $20.78 was estimated value of all goods and services exported by Luxembourg. It primarily exported goods and services such as machines and equipments, rubber products, steel products, glass and chemicals.
In that same time aggregate value of all goods and services imported by Luxembourg was $28.12 billion. It primarily imported commodities such as minerals, foodstuffs, metals and quality consumer goods.
