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Foreign trade deficit rises to €13.5bn in 2010


2011-02-10



The total value of exports of goods in 2010 amounted to €117.4bn, while imports totalled €130.9bn, according to preliminary data from the Central Statistical Office (GUS). This translates into nominal increases of 19.5% and 21.7%, respectively. As a result, the country’s foreign trade deficit widened by nearly 45% compared with 2009, to €13.5bn.

Poland’s trade balance with developed countries, including with the countries of the European Union, improved substantially over this period, showing surpluses of €11.9bn and €15.2bn, respectively. At the same time, there was a marked deterioration in the balance with developing countries, which showed a deficit of almost €19.2bn, and a sharp widening of the deficit with the countries of Southern and Eastern Europe, which exceeded €6.2bn.

Of Poland’s main trading partners, the highest increases occurred in exports to Slovakia and Russia (up by 40.6% and 40.1%, respectively), followed by Sweden (up by 27.3%) and Hungary (up by 23.3%). Italy was the only country among Poland’s top 10 export destinations with growth in the single digits (up by 7%).

Imports from Russia rose at by far the highest rate in 2010 (up by 49.2%), followed by the United States (up by 35.7%), China (up by 24.5%), the Czech Republic (up by 22.6%) and the Netherlands (up by 21.1%). Again, Italy was the only main importer country with growth below double digits (imports from Italy inched up by 1.5% last year).

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



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