Poland’s balance of payments in August 2024

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NBP data: In August 2024, the current account of the balance of payments posted surpluses in the services account (PLN 12.9bn) and deficits in the trade in goods account (PLN 9.6bn), the primary income account (PLN 13.1bn) and the secondary income account (PLN 2.2bn).

Preliminary data on Poland’s balance of payments in August 2024, released on 14 October 2024, show a deficit of PLN 12.1bn in the country’s current account. In the corresponding month of 2023, the current account balance was positive and stood at PLN 3.5bn.

In August 2024, the value of goods exports decreased by 7.0% on the corresponding month of 2023, to PLN 107.1bn. The value of goods imports grew by 1.0% on the August 2023 figure, reaching PLN 116.7bn. The decline in exports was smaller than the average in the previous seven months, whereas imports increased for the second time in a row.

In August 2024, exports went up a little in the category of fuels, whereas all other export categories decreased. The biggest decline was seen in exports of investment goods, intermediate goods and consumer goods. Large decreases were recorded especially by exporters of durables. It was also another month with a sharp drop in exports of passenger cars.

The increase in imports in August was driven by higher imports of consumer goods, mainly durables, and a stabilisation of imports of investment goods. The upward trend in passenger car imports continued, although the rate of increase weakened compared with the previous months. Imports of agricultural products also grew. On the other hand, imports were adversely affected by the poor performance of the export sector, especially the automotive industry.

Exports of services stood at PLN 36.9bn, representing a decrease of PLN 2.1bn (i.e. 5.3%) on the corresponding month of 2023. Imports of services stood at PLN 24.0bn, having increased by PLN 0.7bn (i.e. 3.1%) on the August 2023 figure.

The balance of the primary income account decreased by PLN 3.1bn on the corresponding month of 2023. The biggest contributor to the worsening of the negative balance of the primary income account was foreign direct investors’ income on their equity investment in Polish entities, which grew by PLN 2.2bn compared to August 2023. The negative balance of the primary income account was also influenced by foreign direct investors’ income on their equity investment in Polish entities, amounting to PLN 12.6bn, and the payment of income on portfolio investment (PLN 2.6bn) and on other investment (PLN 2.1bn).