Poland’s balance of payments in August 2021
NBP data: In August 2021, the current account of the balance of payments posted deficits in the trade in goods account (PLN 6.5bn) and the primary income account (PLN 9.8bn) and surpluses in the services account (PLN 8.2bn) and the secondary income account (PLN 0.4bn).
Preliminary data on Poland’s balance of payments in August 2021, released by NBP on 14 October 2021, show a deficit of PLN 7.7bn on the country’s current account. In the corresponding month of 2020, the balance was positive and stood at PLN 4.4bn.
In August 2021, the value of goods exports amounted to PLN 99.5bn, representing an increase of PLN 19.2bn (i.e. 23.9%) as compared with the corresponding month of 2020. August, like July 2021, was characterised by a higher growth rate of goods imports than that of goods exports. The value of goods imports rose by PLN 29.2bn (i.e. 38.0%) on the August 2020 figure, reaching PLN 106.0bn. The fast growth in trade in goods in August 2021 was largely due to the fact that there were two more working days than in August 2020
Exports of services stood at PLN 22.8bn, representing an increase of PLN 2.0bn (i.e. 9.6%) on the August 2020 figure. Imports of services amounted to PLN 14.6bn, having increased by PLN 2.3bn (i.e. 18.6%) on the August 2020 figure.
The balance of the primary income was negative at PLN 9.8bn. The negative balance was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 9.5bn. The balance of the primary income account was also determined by the payment of income on portfolio investment (PLN 0.7bn) and on other investment (PLN 0.6bn).