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Foreign trade deficit at €7.1bn in Q1-Q3


Polish exports of goods were worth €104.3bn in the first nine months of 2012, while imports totalled €111.4bn, according to preliminary data from the Central Statistical Office (GUS). This translates into a nominal increase of 1.9% y-o-y and a decrease of 2.6% y-o-y, respectively. As a result, the country’s foreign trade deficit amounted to €7.1bn, compared with €12bn 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 markedly over this period, showing surpluses of €15.5bn and €14.4bn, respectively. The balance with developing countries also improved, though not as significantly, with the deficit falling to €13.4bn. By contrast, the deficit with the countries of Southern and Eastern Europe increased by almost a tenth to €8.1bn.

Of Poland’s main trading partners, by far the highest increases in exports were to Russia (up by 21.5% y-o-y) and Ukraine (up by 20.1% y-o-y). Exports to four of the top 10 export partners went up in January-September: to Slovakia by 6.7% y-o-y, to Great Britain by 6.4% y-o-y, to the Netherlands by 5.8% y-o-y, and to the Czech Republic by 1.4% y-o-y. Exports to Germany, Poland’s main trading partner accounting for just over a quarter of the country’s total exports of goods, decreased by 1.3% y-o-y, as did exports to France. Exports to Sweden declined by 6.4% y-o-y and to Italy by 7.6% y-o-y.

As in previous months, the biggest increase in imports was also with Russia (up by 18.6% y-o-y), with the United States a distant second at 5.6% y-o-y. Imports from China inched up by 1% y-o-y and from the Netherlands by 0.5% y-o-y. Imports from the remaining top-ten countries were lower than in January-September 2011. The smallest decrease was in imports from Belgium (down by 2.6% y-o-y), followed by the Czech Republic (down by 4.8% y-o-y), Germany (down by 6.6% y-o-y), Italy (down by 8% y-o-y), France (down by 9.1% y-o-y), and Great Britain (down by 10% y-o-y).

See also the news item "HSBC: good prospects for Poland’s foreign trade".

Foreign trade in Poland (%, y-o-y), 2004-2011 and Q1-Q3 2012

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