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Foreign trade deficit widens to €10.5bn in Q1-Q3


2011-11-16



In the first nine months of 2011, Polish exports of goods were worth €101bn, while imports totalled €111.5bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 13.9% y-o-y and 14.1% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by 15.9% y-o-y to €10.5bn.

Poland’s trade balance with the countries of the European Union as well as with the wider category of developed countries improved over this period, showing surpluses of €12.4bn and €11bn, respectively. Meanwhile, its deficit in trade with developing countries narrowed slightly to €14.1bn. At the same time, the deficit with the countries of Southern and Eastern Europe surged by 66% y-o-y to exceed €7.3bn.

Of Poland’s main trading partners, by far the highest increase in exports – as in previous months – was to Russia (up by 27.9% y-o-y), followed by the Czech Republic (up by 18.6% y-o-y), Great Britain (up by 16.5% y-o-y) and Germany (up by 14% y-o-y). Double-digit growth was also recorded in exports to the Netherlands (up by 13.3% y-o-y) and Sweden (up by 12.4% y-o-y). Exports to Italy, Hungary, Spain and France rose by low single-digits in January-September.

The biggest increase in imports was also with Russia (up by 36.1% y-o-y), followed by the Czech Republic (15.9% y-o-y), the Netherlands (up by 15.5% y-o-y), and Germany (up by 15% y-o-y). Imports from France went up by 8.9% y-o-y, from Great Britain by 8.1% y-o-y, from Belgium by 5.9% y-o-y and from Italy by 5% y-o-y. Imports from China rose by just 4.4% y-o-y and from the United States by 0.1% 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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