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Foreign trade deficit rises to €12bn in January-November


2011-01-12



The total value of exports of goods in the first 11 months of 2010 amounted to €108bn, while imports totalled €120bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 19.8% y-o-y and 21.7% y-o-y, respectively. As a result, the country’s foreign trade deficit widened by more than 42% y-o-y to €12bn.

Poland’s trade balance with developed countries (including the European Union) improved substantially over this period, showing a surplus of €11.2bn (€14.1bn with the EU). At the same time, there was a marked deterioration in the balance with developing countries, which showed a deficit of €17.7bn, and a sharp widening of the deficit with the countries of Southern and Eastern Europe, which amounted to €5.5bn.

Of Poland’s main trading partners, the highest increase (by 44% y-o-y) occurred in exports to Slovakia, followed by Russia (up by 39.1% y-o-y), Sweden (up by 27.3% y-o-y) and Hungary (up by 24% y-o-y). Italy was the only country among Poland’s top 10 export destinations with growth in the single digits (up by 6.8% y-o-y).

Imports from Russia rose at by far the highest rate in the 11 months to November (up by 49.1% y-o-y), followed by the United States (up by 36.2% y-o-y), China (up by 24.8% y-o-y) and the Czech Republic (up by 24.5% y-o-y). Again, Italy was the only main importer country with growth below double digits (imports from Italy inched up by 1.2% y-o-y in January-November).

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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