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Foreign trade deficit hits €10bn in January-October


The total value of exports of goods in the first 10 months of 2010 amounted to €97.4bn, while imports totalled €107.4bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 20.3% y-o-y and 21% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by more than 28% y-o-y to €10bn.

Poland’s trade balance with developed countries (including the European Union) substantially improved over the analysed period and showed a surplus of €10.6bn (€13.1bn with the EU). At the same time, there was a marked deterioration in the balance with developing countries, which showed a deficit of €15.7bn, and a sharp widening of the deficit with the countries of Southern and Eastern Europe, which amounted to €4.8bn.

Of Poland’s main trading partners, the highest increase (by 44.2% y-o-y) was noted in exports to Slovakia, followed by Russia (up by 38.9% y-o-y), Sweden (up by 28.5% y-o-y) and Hungary (up by 26.7% y-o-y). Italy was the only country among Poland’s top 10 export destinations with growth in the single digits (up by 4.7% y-o-y).

Imports from Russia rose at by far the highest rate in the 10 months to October (up by 46.9% y-o-y), followed by the United States (up by 35.5% y-o-y) and China (up 25.9% y-o-y). Again, Italy was the only main importer country with growth below double digits (imports from Italy inched up by 0.2% y-o-y in January-October).

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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