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Poland’s balance of payments in March 2014

Date: 15-05-2014

NBP data: March 2014 saw a positive balance of services, trade in goods and EU transfers, while the balance of income account was negative. The total balance of current and capital accounts amounted to EUR 858m.

Preliminary data on Poland’s balance of payments in March 2014, released by Narodowy Bank Polski on 15 May, show Polish exports of goods of EUR 14.2bn this month, i.e. 10.9% higher than a year before. Imports of goods grew by 3.1% and at the end of March reached EUR 13.7bn. As a result the positive balance of trade in goods stood at EUR 475m, which represents an improvement of EUR 977m against the March 2013 figure.

The positive balance of services amounted to EUR 412m. At the same time credits on services increased by 1.2% y/y, to EUR 2.3bn, while debits rose by 3.2% y/y - to reach EUR 1.9bn.

March saw also a positive balance of EU transfers, which amounted to EUR 1.2bn. Inflows of funds from the EU in current transfers reached EUR 790m, and in capital transfers – EUR 383m. Over the same period, Poland paid to the EU budget EUR 353m in membership fees.

The positive balance of the current account in March stood at EUR 517m. In the same month of 2013 the balance of the current account was negative and amounted to EUR 272m.

See: Balance of payments in March 2014

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