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Foreign trade deficit increases to €14.7bn in 2011


2012-02-14



The total value of Polish exports of goods in 2011 amounted to €135.8bn, while imports equalled €150.5bn, according to preliminary data from the Central Statistical Office (GUS). This translates into a nominal increase of 12.8% and 12.1%, respectively. As a result, the country’s foreign trade deficit widened by 6.4% to €14.7bn.

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 €16.5bn and €14.4bn, respectively. Meanwhile, its deficit with the countries of Southern and Eastern Europe increased sharply to over €10.2bn, and the deficit with developing countries rose fractionally to €19bn.

Of Poland’s main trading partners, the highest increase in exports was to Russia (up by 22.1%), followed by the Czech Republic (up by 16.9%), Great Britain (up by 15.4%), Ukraine (up by 13.5%), Germany (up by 12.6%) and the Netherlands (up by 12.2%). Exports to four countries rose by single digits: to Sweden by 8.3%, to France by 2.1%, to Hungary by 2%, and to Italy by 1.8%.

The biggest increase in imports was also with Russia (up by 33.8%), followed in distant second by Germany (up by 14.2%), the Netherlands (up by 12.6%), and the Czech Republic (up by 10.2%). Imports from France went up by 8.8%, from Great Britain by 7.4%, from China by 5%, and from Italy by 3.7%. Imports from the United States edged up by a mere 0.9%, and from South Korea declined by 8.9%.

In 2010 the trade deficit amounted to €13.8bn, i.e. approximately 3.9% of GDP.



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