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Foreign trade deficit at €2bn in January-February


Polish exports of goods were worth €21.4bn in the first two months of 2012 while imports totaled €23.4bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 2.2% y-o-y and 1% y-o-y, respectively. As a result, the country’s foreign trade deficit amounted to €2bn, compared with €2.2bn in the corresponding period of 2011.

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 €3.7bn and €3.4bn, respectively. And so did the balance with developing countries, which showed a smaller deficit of €3.1bn. By contrast, the deficit with the countries of Southern and Eastern Europe increased to €2.3bn.

Of Poland’s main trading partners, by far the highest increase in exports was to Russia (up by 41% y-o-y). Exports to five other countries increased in the low single digits: to Great Britain by 4.1% y-o-y, to the Netherlands by 2.6% y-o-y, to the Czech Republic by 2.1% y-o-y, to France by 0.8% y-o-y, and to Germany by 0.6% y-o-y. Exports to four countries declined compared with a year earlier: to Hungary by 2.5% y-o-y, to Sweden by 7.5% y-o-y, to Italy by 8.1% y-o-y, and to Spain by 13.8% y-o-y.

The biggest increase in imports was also with Russia (up by 36% y-o-y), followed at a big distance by China (up by 5.7% y-o-y) and South Korea (up by 4.2% y-o-y). Imports from the Czech Republic went up by 2.5% y-o-y. Imports from six other top ten countries were lower than in January-February 2011. Thus imports from the Netherlands declined by 0.1% y-o-y, from the United States by 1.6% y-o-y, from Germany by 2% y-o-y, from Great Britain by 7.3% y-o-y, from France by 9.1% y-o-y, and from Italy by 11.3% 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.

Foreign trade in Poland (%, y-o-y), 2004-2011 and January-February 2012

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