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Foreign trade deficit at €9.1bn in January-September


The total value of exports of goods in the first nine months of the year amounted to €85.9bn, while imports totalled €95bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 20.4% y-o-y and 21.1% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by almost 29% y-o-y to €9.1bn.

Poland’s trade balance with developed countries and especially with the countries of the European Union improved substantially over this period, showing surpluses of €9.3bn and €11.5bn. At the same time, there was a marked deterioration in the balance with developing countries, which showed a deficit of €14bn, and a sharp widening of the deficit with the countries of Southern and Eastern Europe, which amounted to €4.4bn.

Of Poland’s main trading partners, the highest increase (by 38.6% y-o-y) was noted in exports to Russia, followed by Spain (29% y-o-y), Sweden (28.3% y-o-y) and Hungary (27.7% y-o-y). By contrast, exports to Italy rose by 4% y-o-y.

Imports from Russia rose at by far the highest rate in the nine months to September (up by 47.8% y-o-y), followed by the United States (34.6% y-o-y) and China (27.3% y-o-y). On the other hand, imports from Italy were 0.2% lower than in the same period a year ago.

By way of comparison, in 2009 as a whole the trade deficit amounted to €9.3bn, i.e. approximately 3% of GDP.

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