Poland’s balance of payments in April 2022
NBP data: In April 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 11.5bn), the primary income account (PLN 13.2bn) and the secondary income account (PLN 3.9bn), and a surplus in the services account (PLN 10.4bn).
Preliminary data on Poland’s balance of payments in April 2022, released by NBP on 13 June 2022, show a deficit of PLN 18.2bn on the country’s current account. In the corresponding month of 2021, the balance was positive and stood at PLN 5.9bn.
In April 2022, the value of exports of goods amounted to PLN 123.4bn, representing an increase of PLN 9.8bn (i.e. 8.6%) as compared with the corresponding month of 2021. The value of imports of goods increased by PLN 26.8bn (i.e. by 24.8%) on the April 2021 figure, reaching PLN 134.9bn. Exports growth was negatively affected by disruptions in global supply chains. Growth in total exports was additionally subdued by a further sharp fall in sales to Russia. In April 2022 Russia fell to the 23rd place in the ranking of Poland’s major export partners (from the 7th place in April 2021). On the other hand, high imports growth was mainly due to a further rise in fuel prices. In April 2022 the prices of oil imported to Poland exceeded, for the first time, PLN 400 per barrel and were 75% higher compared to the previous year’s prices. Prices of imported natural gas and coal posted even sharper increases.
Exports of services stood at PLN 28.1bn, representing an increase of PLN 3.3bn (i.e. 13.3%) on the April 2021 figure. Imports of services stood at PLN 17.7bn, having increased by PLN 3.4bn (i.e. 23.9%) on the April 2021 figure.
The negative balance of the primary income account was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 13.7bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.8bn) and on other investment (PLN 0.8bn).