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Foreign trade deficit shrinks to €5.3bn in January-May


Polish exports of goods were worth €55.2bn in January-May 2011, while imports totalled €60.5bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 18% y-o-y and 17.3% y-o-y, respectively. As a result, the country’s foreign trade deficit narrowed by 8.2% compared with a year earlier and amounted to -€5.3bn.

Poland’s trade balance with the European Union as well as with the wider category of developed countries improved over this period, showing surpluses of €7.3bn and €6.3bn, respectively. Meanwhile, the deficit in trade with developing countries rose slightly, to a little over -€7.8bn, while the deficit with the countries of Southern and Eastern Europe widened by a third to almost -€3.9bn.

Of Poland’s main trading partners, the highest increase in exports was to Russia (up by 37% y-o-y), followed by the Czech Republic (up by 22.5% y-o-y), Sweden (up by 22.3% y-o-y), and Germany (up by 18.9% y-o-y). Germany remained easily the biggest export partner, accounting for 26.1% of the total, up by 0.2 p.p. over a year earlier.) By contrast, exports to France were up by 5.9% y-o-y, to Spain by 6.8% y-o-y and to Italy by 7.1% y-o-y.

The biggest gain in imports was also with Russia (up by 30.6% y-o-y), followed by the Netherlands (up by 20.7% y-o-y), Great Britain (up by 19.8% y-o-y) and Germany (up by 19.1% y-o-y). On the other hand, imports from South Korea went up by just 4.3% y-o-y and from Italy by 5.1% y-o-y.

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