Poland’s balance of payments in December 2024

NBP data: In December 2024, the current account of the balance of payments posted surpluses in the services account (PLN 15.5bn) and the secondary income account (PLN 0.6bn), and deficits in the trade in goods account (PLN 9.5bn) and the primary income account (PLN 9.9bn).

Preliminary data on Poland’s balance of payments in December 2024, released by NBP on 13 February 2025, show a deficit of PLN 3.4bn in the country’s current account. In the corresponding month of 2023, the current account balance was also negative and stood at PLN 0.4bn.

In December 2024, the value of exports decreased by 1.7% on the December 2023 figure, reaching PLN 105.5bn. The value of goods imports increased by 2.4% compared to December 2023 and amounted to PLN 115.1bn. This reflected the persistently low demand in Poland’s most important trading partners, as well as the gradual growth of consumer demand in Poland.

As in previous months, the biggest driver of the fall in the value of exports in December 2024 was the further decline in foreign sales of means of transport. This was mainly due to significant falls in exports of automotive parts, passenger cars and delivery vehicles. On the other hand, the value of exports was slightly higher or close to the previous year’s figure in the case of consumer goods, agricultural products, intermediate goods and investment goods.

December 2024 saw the continuation of the upward trend in imports of both new and used passenger cars. Imports of consumer goods and agricultural products also increased. On the other hand, the downward trend continued in imports of intermediate goods, investment goods and other vehicles, including road tractors and parts for means of transport – mainly automotive parts.

Exports of services stood at PLN 42.3bn, representing an increase of PLN 2.9bn (i.e. 7.3%) on the corresponding month of 2023. Imports of services stood at PLN 26.8bn, having increased by PLN 2.0bn (i.e. 8.1%) on the December 2023 figure.

The balance of the primary income account was negative at PLN 9.9bn. Compared to the corresponding period of 2023, it improved by PLN 0.8bn. Direct investment, which improved by PLN 1.4bn on the corresponding period of 2023, was the largest contributor to the improvement in the negative balance of primary income. The negative balance of the primary income was influenced by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 10.1bn, and the payment of income on portfolio investment (PLN 1.5bn) and other investment (PLN 3.3bn).