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Foreign trade deficit at €1bn in January


2012-03-13



Polish exports of goods were worth €10.5bn in January while imports totaled €11.5bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 4.9% y-o-y and 4.7% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by 2.2% y-o-y to €1bn.

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 €2.1bn and €1.9bn, respectively. Meanwhile, the balance of trade with developing countries remained broadly unchanged at -€1.6bn, whereas the deficit with the countries of Southern and Eastern Europe surged by almost 46% y-o-y to -€1.3bn.

Of Poland’s main trading partners, by far the highest increase in exports was to Russia (up by 62.1% y-o-y), followed at a big distance by the UK (up by 8.6% y-o-y), the Czech Republic (up by 6.5% y-o-y), Germany (up by 2.3% y-o-y) and France (up by 1.9% y-o-y). Exports to the remaining top 10 countries were lower than in January 2011. The biggest drop occurred in exports to Hungary (down by 6.4% y-o-y). Exports to Spain and the Netherlands went down by about 5% y-o-y, and to Italy and Sweden by just under 1% y-o-y.

The biggest increase in imports was also with Russia (up by 45.2% y-o-y), followed by South Korea (up by 18.4% y-o-y), China (up by 7.1% y-o-y), and the United States (up by 5% y-o-y). Imports from Germany went up by 2.9% y-o-y and from the Czech Republic by 1.2% y-o-y. The biggest decrease was in imports from Italy (down by 8.9% y-o-y), followed by France (down by 4.6% y-o-y) and the Netherlands (down by 2.3% y-o-y). Imports from the UK edged down by 0.2% y-o-y.

By way of comparison, in 2011 as a whole the trade deficit amounted to €14.7bn, i.e. approximately 3.9% of GDP.



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