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Foreign trade deficit at €8.1bn in January-November


Polish exports of goods were worth €131.4bn in the first 11 months of 2012, while imports totalled €139.5bn, according to preliminary data from the Central Statistical Office (GUS). This translates into a nominal increase of 4.1% y-o-y and a decrease of 0.8% y-o-y, respectively. As a result, the country’s foreign trade deficit amounted to €8.1bn, compared with €14.3bn 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 sharply over this period, showing surpluses of €20bn and €18.5bn, respectively. The deficit in trade with developing countries decreased slightly to €16.9bn, whereas the deficit with the countries of Southern and Eastern Europe showed a small increase to €9.6bn.

Of Poland’s main trading partners, by far the highest increases in exports were to Russia (up by 25.8% y-o-y) and Ukraine (up by 22.1% y-o-y). Exports to Slovakia went up by 9.7% y-o-y, to Great Britain by 8.8%, to the Netherlands by 6.7% y-o-y, and to the Czech Republic by 4.4% 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, returned to positive ground with a slight increase of 0.2% y-o-y. On the other hand, exports to France decreased by 0.6% y-o-y, to Sweden by 3.5% y-o-y, and to Italy by 5.8% y-o-y.

As in previous months, the biggest increase in imports was also with Russia (up by 17.4% y-o-y), followed by the United States (up by 11.9% y-o-y). Imports from South Korea went up by 4.5% y-o-y, from China by 2.9% y-o-y, and from the Netherlands by 2.2% y-o-y. Imports from the remaining top-ten countries were lower than in January-November 2011. The smallest decrease was in imports from the Czech Republic (down by 2.3% y-o-y), followed by Germany (down by 5.6% y-o-y) and Italy (down by 5.7% y-o-y). Imports from France declined by 7.1% y-o-y and from Great Britain by 8.6% y-o-y.

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

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