Poland’s balance of payments in December 2023
NBP data: In December 2023, the current account of the balance of payments posted surpluses in the services account (PLN 13.8bn) and the secondary income account (PLN 0.2bn), and deficits in the primary income account (PLN 11.7bn) and the trade in goods account (PLN 2.4bn).
Preliminary data on Poland’s balance of payments in December 2023, released on 13 February 2024, show a deficit of PLN 0.1bn in the country’s current account. In the corresponding month of 2022, the balance of the current account was also negative and amounted to PLN 8.1bn.
In December 2023, trade in goods declined the sharpest in 2023. According to preliminary estimates, the value of goods exports in December 2023 amounted to PLN 107.5bn, which means a 13.0% decrease on the corresponding month of 2022. The value of goods imports decreased by 17.9% on the December 2022 figure to PLN 109.9bn.
The decrease in exports in December 2023 concerned all six categories. The biggest fall occurred in exports of intermediate goods, investment goods and consumer goods. As far as that last category is concerned, the drop in exports of household appliances, furniture and TV sets became markedly sharper. Trends varied in exports of means of transport: while sales of delivery vans, tractor units and passenger cars grew, exports of automotive parts shrunk.
The value of imports was lower in five categories compared to December 2022. The biggest decline was recorded in imports of fuels, mainly due to a sharp year-on-year decrease in prices. Large drops in imports were also observed in such categories as intermediate goods, investment goods and parts, largely due to the decline in exports. A slight increase in imports was only seen in the means of transport category.
Exports of services amounted to PLN 39.5bn and rose by PLN 1.1bn (or 3.0%) on the corresponding month of 2022. Imports of services amounted to PLN 25.7bn, which represents an increase of PLN 2.0bn (or 8.6%) on the December 2022 figure.
The negative balance of the primary income account was primarily due to foreign direct investors’ income of PLN 10.5bn on their equity investments in Polish entities. The balance of the primary income account was also influenced by income payments on portfolio investment (PLN 1.4bn) and on other investment (PLN 2.5bn).