Poland’s balance of payments in August 2022

NBP data: In August 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 13.8bn), the primary income account (PLN 14.5bn) and the secondary income account (PLN 0.6bn), and a surplus in the services account (PLN 10.2bn).

Preliminary data on Poland’s balance of payments in August 2022, released by NBP on 14 October 2022, show a deficit of PLN 18.7bn on the country’s current account. In the corresponding month of 2021, the balance was also negative and stood at PLN 8.4bn.

In August 2022, the value of goods exports amounted to PLN 119.7bn, representing an increase of PLN 26.8bn (i.e. 28.9%) as compared with the corresponding month of 2021. The value of goods imports rose by PLN 32.7bn (i.e. 32.5%) on the August 2021 figure, reaching PLN 133.5bn. 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. The value of exports in August was driven by a marked rise in foreign sales in the automotive sector. The upturn in the automotive sector boosted the imports of car parts. As in previous months, the supply of fuels also increased. August 2022 saw, among others, a substantial rise in the imports of coal. As a result of the Russian-Ukrainian war, the geographical structure of suppliers of fuel to Poland has been changing.

Exports of services stood at PLN 31.2bn, representing an increase of PLN 4.4bn (i.e. 16.6%) on the corresponding month of 2021. Imports of services stood at PLN 21.0bn, having increased by PLN 4.3bn (i.e. 25.8%) on the August 2021 figure.

The negative balance of the primary income was mainly determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 12.3bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.3bn) and on other investment (PLN 1.1bn).