Poland’s External Trade in November 2011
NBP data: Poland’s export growth exceeded import growth and the balance of payments current account deficit was lower in November than in October 2011.
According to preliminary information on the balance of payments published by the NBP on 13 January, exports increased by 7.3% in November 2011 compared to the corresponding month of 2010. Imports grew at a slower rate and increased by 2.3%. However, the trade balance continued to be negative and amounted to EUR 749 million.
The balance on the income account was also negative, amounting to EUR 952 million, with a major negative contribution of investment income. In November, the owners of direct investments in Poland posted income of EUR 772 million, of which EUR 461 million were reinvested earnings, EUR 132 million – dividends, and EUR 179 million – interest on debt financial instruments.
Trade in services continued to decline but the balance in this area remained positive due to international activities of Polish transport companies and foreign travel by Poles.
As a result, the November deficit on the current account, the balance of which is closely monitored by economic analysts, amounted to EUR 1,034 million and was lower than in October 2011.
Traditionally, a positive balance was recorded in the EU transfers. Poland paid EUR 256 million to the EU budget and received a total of EUR 455 million.
See: Balance of payments in November 2011