Poland’s external trade in December 2011
NBP data: Poland’s export growth exceeded import growth and the balance of payments current account deficit in December 2011 was lower by approx. one third compared to December 2010.
According to preliminary information on the balance of payments published by the NBP on 13 February 2012, exports amounted to approx. EUR 10.6 billion in December 2011, increasing thereby by 5.1% compared to the corresponding month of 2010. Imports grew at a slower rate and increased by 2.4% , to EUR 11.7 billion. The negative trade balance amounted to approx. EUR 1.1 billion.
The balance on the income account was also negative, amounting to EUR 884 million. The owners of direct investments in Poland posted income clearly exceeding income generated by Polish citizens abroad.
Trade in services decreased (y/y) for a subsequent month but the balance remained positive (amounting to EUR 463 million) due to international activities of Polish transportation firms and foreign travel.
As a result, the December deficit on the current account, the balance of which is closely monitored by economic analysts, amounted to slightly more than EUR 1.3 billion and was lower than in the corresponding month of 2010 when it exceeded EUR 1.9 billion.
NBP analysts have noted a very high positive balance of EU transfers. In December, Poland paid EUR 285 million to the EU budget as membership contribution and received a total exceeding EUR 2.2 billion from the EU, mainly from the cohesion fund.
See: Balance of payments in December 2011