Poland’s balance of payments in September 2022

Preliminary data on Poland’s balance of payments in September 2022, released by NBP on 14 November 2022, show a deficit of PLN 7.4bn on the country’s current account. In the corresponding month of 2021, the balance was also negative and stood at PLN 7.5bn.

In September 2022, the value of goods exports amounted to PLN 135.1bn, representing an increase of PLN 31.4bn (i.e. 30.3%) as compared with the corresponding month of 2021. The value of goods imports rose by PLN 36.6bn (i.e. 33.8%) on the September 2021 figure, reaching PLN 144.8bn. The high growth rate of the trade in goods in nominal terms, observed for several months, was mostly driven by sharply rising transaction prices in both exports and imports. On the other hand, the changes in real terms remain relatively small. As in the previous two months, in September the value of exports was primarily boosted by a rise in sales in the automotive sector. The significant upturn in the automotive sector was related to the improved availability of key components for production. The further rise in the supply of oil products to Ukraine also boosted exports in real terms. On the other hand, stagnation tendencies observed in durable consumer goods had a negative impact on export growth.

Exports of services stood at PLN 32.7bn, representing an increase of PLN 5.2bn (i.e. 19.0%) on the corresponding month of 2021. Imports of services stood at PLN 19.7bn, having increased by PLN 2.6bn (i.e. 15.0%) on the September 2021 figure.

The negative balance of the primary income was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 7.8bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.5bn) and on other investment (PLN 1.4bn).