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Foreign trade deficit widens to €11.6bn in January-October


2011-12-13



Polish exports of goods were worth €112.7bn in January-October, while imports totaled €124.3bn, according to preliminary data from the Central Statistical Office (GUS). This translates into a nominal increase of 12.9% y-o-y in both cases. As a result, the country’s foreign trade deficit widened by 13.2% y-o-y to €11.6bn.

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 €14.1bn and €12.4bn, respectively. Meanwhile, its deficit with developing countries narrowed slightly to €15.7bn. At the same time, the deficit with the countries of Southern and Eastern Europe leapt by 73% y-o-y to €8.4bn.

Of Poland’s main trading partners, the highest increase in exports – as in previous months – was to Russia (up by 24.4% y-o-y), followed by the Czech Republic (up by 17.3% y-o-y), Great Britain (up by 15% y-o-y), Germany (13.3% y-o-y), the Netherlands (up by 12.4% y-o-y) and Ukraine (up by 12.2% y-o-y). Double-digit growth was also recorded in exports to Sweden (up by 10.1% y-o-y). By contrast, exports to Italy, France and Hungary rose by low single-digits in January-October.

The biggest increase in imports was also with Russia (up by 38.1% y-o-y), followed at a big distance by the Czech Republic (up by 13.8% y-o-y), Germany (up by 13.5% y-o-y), and the Netherlands (up by 13.3% y-o-y). Imports from France rose by 8.7% y-o-y and from Great Britain by 8% y-o-y. Imports from three other countries went up by between 3-4% y-o-y (Italy, China, Belgium), while the United States was the only top-ten country to register a fall in imports to Poland (by 0.9% 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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