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Poland’s balance of payments in December 2013

Date: 12-02-2014

NBP data: In December 2013 balance of payments showed positive balances on services and EU transfers accounts, while balances on income and trade in goods accounts were negative. The total balance of the current and capital accounts was negative and stood at EUR 262m.

Preliminary data on Poland’s balance of payments in December 2013, released by Narodowy Bank Polski on 12 February 2014, show Polish exports of goods to be EUR 11.7bn, i.e. an increase of 10.6% compared to December 2012. Imports of goods increased by 1.7% and reached EUR 11.9bn at the end of the month. As a result, the negative balance of trade in goods was EUR 232m – an increase of EUR 924m against December 2012. Yet, the balance of services remained positive and stood at EUR 259m. At the same time, credits on services (predominantly transportation) rose by 2.1% y/y and reached EUR 2.6bn, while debits rose by 4.7% y/y and stood at EUR 2.4bn.

December also saw a positive balance of EU transfers, which reached EUR 800m. Inflows of funds from the European Union in current transfers amounted to EUR 473m (primarily to the European Agriculture Guidance and Guarantee Fund and the European Social Fund), and in capital transfers – EUR 609m (mainly to the European Cohesion Fund). At the same time Poland paid EUR 282m to the EU budget as contributions and membership fees.

The negative balances of income and trade in goods (amounting to EUR 1.2bn and EUR 232m, respectively) were the decisive factor leading to a negative balance of current account of EUR 843m.

See: Balance of payments in December 2013

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