Poland’s balance of payments in February 2023

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NBP data: In February 2023, the current account of the balance of payments posted surpluses in the services account (PLN 16.0bn) and the trade in goods account (PLN 10.6bn), and a deficit in the primary income account (PLN 10.5bn) and the secondary income account (PLN 3.8bn).

Preliminary data on Poland’s balance of payments in February 2023, released on 13 April 2023, show a surplus of PLN 12.3bn on the country’s current account. In the corresponding month of 2022, the balance was negative and stood at PLN 8.1bn.

February 2023 was the second consecutive month of a surplus in the trade in goods. It amounted to PLN 10.6bn, as compared with the deficit of PLN 7.1bn in February 2022, representing the historically highest surplus of trade in goods and at the same time the largest improvement in the balance as compared with the previous year. Such a large change was due to the marked increase in exports accompanied by a slight decrease in imports.

In February 2023, the value of goods exports amounted to PLN 125.7bn, representing an increase of PLN 16.0bn (i.e. 14.6%) as compared with the corresponding month of 2022. The value of goods imports decreased by PLN 1.8bn (i.e. 1.5%) on the February 2022 figure, reaching PLN 115.1bn.

Like in previous months, the largest increase occurred in the exports of means of transport (primarily parts for vehicles, lithium-ion batteries and vehicles). February 2023 also saw a substantial rise in the exports of food. This was, however, driven mainly by an increase in prices. However, decreases in the value of exports took place in categories encompassing industrial supplies and fuels.

Compared to previous months, there was a significantly smaller increase in the imports of food, which was driven by a decline in the imports of agricultural products from Ukraine. At the same time, the downward trend continued in supply goods (large and steep decreases in the imports of iron, steel and plastic semi-products) as well as consumer goods.

Exports of services stood at PLN 34.4bn, representing an increase of PLN 6.4bn (i.e. 22.7%) on the corresponding month of 2022. Imports of services stood at PLN 18.4bn, having increased by PLN 1.7bn (i.e. 10.4%) on the February 2022 figure.

The negative balance of the primary income was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 11.2bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.8bn) and on other investment (PLN 1.4bn).