Foreign trade deficit shrinks to €7.5bn in January-November

2010-01-14

The total value of Polish exports of goods in the first 11 months of 2009 amounted to €88.7bn, while imports equalled €96.2bn, according to preliminary data from the Central Statistical Office (GUS). This translates into a nominal decline of 18.8% y-o-y and 27.5% y-o-y, respectively. As a result, the country’s foreign trade deficit narrowed by more than two thirds compared with a year earlier, to €7.5bn.
Poland’s trade balance with developed countries improved over the analysed period and showed a surplus, as did the balance of trade with the European Union. There was an improvement too in the trade balance with developing countries and with the countries of Southern and Eastern Europe, although both figures remained in negative territory.
Of Poland’s trading partners, exports to Italy held up relatively the best, falling by 7.4% y-o-y, the only instance of a single-digit drop among the main export markets. Exports to Great Britain and France fell by a little over 10% y-o-y. By contrast, exports to Russia plummeted by 42.1% y-o-y. Imports from South Korea again showed the greatest resilience, dropping by 9% y-o-y. On the other hand, imports from Russia plunged by 36.3% y-o-y, and from Germany and France by nearly 30% y-o-y.
In 2008 the trade deficit amounted to nearly €26.2bn, i.e. approximately 7.2% of GDP.

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