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Poland’s balance of payments in January 2014

Date: 17-03-2014

NBP data: January 2014 saw positive balances of services and trade in goods, while the balances on EU transfers and income accounts were negative. The total balance of current and capital accounts was negative and reached EUR 1.2bn.

Preliminary data on Poland’s balance of payments in January 2014, released by Narodowy Bank Polski on 17 March, show Polish exports of goods of EUR 13.5bn, i.e. 10.6% higher than a year before. Imports of goods increased by 6.6% and reached EUR 13.1bn at the end of January. As a result the positive balance of trade in goods stood at EUR 419m, which meant an improvement by EUR 483m on the January 2013 figure.

The balance of services also remained positive and stood at EUR 164m. At the same time the credits on services grew by 0.4% y/y to EUR 2.1bn, while debits rose by 12% y/y – to reach almost EUR 2.0bn

January saw negative balance of EU transfers, which amounted to EUR 405m. Inflows of funds from the European Union in current and capital transfers reached EUR 1.0m. Over the same period Poland paid to the EU budget EUR 406m in membership fees.

The negative balances of income (EUR 1.4m) and current transfers (EUR 286m) were the decisive factors leading to a negative balance of current account of EUR 1.1bn.

See: Balance of payments in January 2014

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