Poland’s balance of payments in February 2024
NBP data: In February 2024, the current account of the balance of payments posted surpluses in the services account (PLN 14.3bn) and the trade in goods account (PLN 1.3bn), and a deficit in the primary income account (PLN 11.4bn) and the secondary income account (PLN 2.2bn).
Preliminary data on Poland’s balance of payments in February 2024, released on 12 April 2024, show a surplus of PLN 2.0bn on the country’s current account. In the corresponding month of 2023, the balance was also positive and stood at PLN 5.9bn.
In February 2024, exports and imports of goods continued to decline. According to preliminary estimates, the value of goods exports amounted to PLN 117.5bn, representing a 8.3% decrease on the corresponding month of 2023. The value of goods imports decreased by 7.9% on the February 2023 figure, reaching PLN 116.2bn.
Compared to the corresponding month of 2023, in February 2024 the value of exports declined in all six categories. Similarly to previous months, the largest declines were reported by exporters of intermediate goods, investment goods and consumer goods. At the same time, the decline in exports of means of transport deepened, driven by the decline in exports of electric batteries. On the other hand, the exports of delivery trucks and passenger cars – both new and used – and engines continued on an upward trend.
Compared to February 2023, the value of imports was lower in four out of six categories. Similarly to previous months, the largest declines were recorded in the imports of fuels and intermediate goods, yet, at present the scale of the drops was the smallest for the twelve months. This was partly due to the fading of the downward trend in the prices of main commodities and intermediate goods. On the other hand, imports of means of transport and consumer goods posted an increase.
Exports of services stood at PLN 34.5bn, representing a decrease of PLN 0.5n (i.e. 1.5%) on the corresponding month of 2023. Imports of services stood at PLN 20.2bn, having increased by PLN 0.3bn (i.e. 1.5%) on the February 2023 figure.
The negative balance of the primary income was primarily determined by foreign direct investors’ income on their equity investments in Polish entities, which amounted to PLN 11.5bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.1bn) and on other investment (PLN 1.9bn).