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Foreign trade deficit increases to €12.9bn in January-November


2012-01-12



Polish exports of goods were worth €125.3bn in January-November, while imports totaled €138.2bn, according to preliminary data from the Central Statistical Office (GUS). This translates into a nominal increase of 13.3% y-o-y and 12.8% y-o-y. As a result, the country’s foreign trade deficit widened by 7.6% y-o-y to €12.9bn.

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 €15.6bn and €13.7bn, respectively. Meanwhile, its deficit with developing countries narrowed slightly to €17.4bn. At the same time, the deficit with the countries of Southern and Eastern Europe surged by 67% y-o-y to €9.2bn.

Of Poland’s main trading partners, the highest increase in exports – as in previous months – was to Russia (up by 23.8% y-o-y), followed by the Czech Republic (up by 17.6% y-o-y) and Great Britain (up by 16.2% y-o-y). Exports to Germany and to Ukraine went up by 13.4% y-o-y, to the Netherlands by 12.6% y-o-y and to Sweden by 9.7% y-o-y. By contrast, exports to Hungary, France and Italy rose by low single digits (by 1.8% y-o-y, 2.4% y-o-y and 3.1% y-o-y, respectively).

The biggest increase in imports was also with Russia (up by 36.3% y-o-y), followed in distant second by Germany (up by 14.5% y-o-y), and then the Netherlands (up by 13.4% y-o-y) and the Czech Republic (up by 11.3% y-o-y). Imports from five other countries grew by single digits (France 9.1% y-o-y, Great Britain 7.9% y-o-y, Italy 4.3% y-o-y, Belgium 4% y-o-y, China 3.4% y-o-y), while the United States was the only top-ten country to register a fall in imports to Poland (by 0.3% 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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