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Foreign trade deficit widens to €8.2bn in January-July


2011-09-12



Polish exports of goods were worth €77.1bn in January-July, while imports totalled €85.3bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 13% y-o-y and 14.1% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by 25.6% y-o-y and amounted to €8.2bn.

Poland’s trade balance with the countries of the European Union was similar as last year, showing a surplus of €9.5bn, whereas the surplus with the wider category of developed countries rose slightly over this period, to €8.1bn. Meanwhile, Poland’s deficit in trade with developing countries widened slightly to nearly €11bn, whereas the deficit with the countries of Southern and Eastern Europe expanded more substantially, by almost 44% to €5.4bn.

Of Poland’s main trading partners, by far the highest increase in exports was to Russia (up by 29.8% y-o-y), followed by the Czech Republic (up by 18.5% y-o-y) and Germany (up by 15% y-o-y). (Germany’s status as Poland’s biggest export partner strengthened further, accounting for 26.2% of total exports, up by 0.5 p.p. over a year earlier.) By contrast, exports to France were up by a meagre 0.9% y-o-y and to Hungary by 0.2% y-o-y.

The biggest increase in imports was also with Russia (up by 29% y-o-y), followed by the Czech Republic (up by 15.5% y-o-y), Germany (up by 14.6% y-o-y), and the Netherlands (up by 13.6% y-o-y). On the other hand, imports from the United States declined by 1.8% y-o-y.

By way of comparison, in 2010 as a whole the trade deficit amounted to €13.8bn, i.e. approximately 3.9% of GDP.



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