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Foreign trade deficit at €0.2bn in January


Polish exports of goods were worth €11.8bn in January 2013, while imports totalled €12bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 7.8% y-o-y and 0.2% y-o-y, respectively. As a result, the country’s foreign trade deficit amounted to €0.2bn, compared with €1.1bn in the corresponding period of 2012.

Poland’s trade balance with the countries of the European Union as well as with the wider category of developed countries improved substantially over this period, showing surpluses of €2.5bn and €2.4bn, respectively. Also, the deficit in trade with the countries of Southern and Eastern Europe narrowed by almost a third to less than €1bn. On the other hand, the deficit in trade with developing countries increased somewhat to €1.7bn.

Of Poland’s main trading partners, the highest increase in exports was to Slovakia (up by 21.3% y-o-y), followed by Great Britain (up by 11.5% y-o-y) and Russia (up by 10.6% y-o-y). Exports to Hungary grew by 7.7% y-o-y, to the Czech Republic by 5.4% y-o-y, and to Germany, the country’s biggest trading partner accounting for 26.1% of exports, by 4.3% y-o-y. Exports to the Netherlands inched up by 0.3% y-o-y. At the same time, exports to Sweden declined by 4.7% y-o-y, to France by 5.1% y-o-y, and to Italy by 6.5% y-o-y.

The biggest increase in imports was with China (up by 11% y-o-y), followed by the United States (up by 8.1% y-o-y). Imports from the remaining top-ten countries were lower than in January 2012, led by Great Britain (down by 14.2% y-o-y) and Russia (down by 11.7% y-o-y). Imports from Italy declined by 8% y-o-y, from France by 7.3% y-o-y, from the Czech Republic by 4.1% y-o-y, from Germany by 2.7% y-o-y, and from the Netherlands and South Korea by 1.2% y-o-y.

By way of comparison, in 2012 as a whole the trade deficit amounted to €9.8bn, i.e. approximately 2.6% of GDP.

Foreign trade in Poland (%, y-o-y), 2004-2012 and January 2013

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