Poland’s balance of payments in February 2025

NBP data: In February 2025, the current account of the balance of payments posted a surplus in the services account (PLN 14.5bn) and deficits in the trade in goods account (PLN 3.8bn), the primary income account (PLN 10.0bn) and the secondary income account (PLN 1.6bn).

Preliminary data on Poland’s balance of payments in February 2025, released on 11 April 2025, show a deficit of PLN 0.9bn on the country’s current account. In the corresponding month of 2024, the balance was positive and stood at PLN 7.1bn.

February 2025 saw further falls in foreign trade in goods. According to preliminary data, the value of exports decreased by 4.8% on the February 2024 figure, reaching PLN 113.8bn. Therefore, it was not only lower than in February 2024, but also lower than in February 2023. The value of imports decreased by 1.2% compared to the previous year and amounted to PLN 117.6bn – the lowest level of imports since 2021. Simultaneous falls in exports and imports of intermediate goods as well as means of transport reflected the persistently unfavourable tendencies in Polish and European industry, particularly in the automotive industry.

In February 2025, the sharp falls in the value of exports in the automotive industry were again the biggest driver of the decline in the value of exports. Alongside the sharp falls in exports of passenger cars, electrical batteries, delivery vehicles and road tractors observed in recent months, the downward trend in exports of automotive parts also intensified. Falls were also recorded in exports of intermediate goods, consumer durable goods and investment goods. There was a slight increase only in exports of agricultural products.

In February 2025, the value of imports of means of transport and intermediate goods decreased the most. The sharpest falls among means of transport were recorded in imports of automotive parts, road tractors and delivery vehicles. On the other hand, the deepening of the downward trend in deliveries of iron and steel products had a negative impact on imports of intermediate goods. In turn, an increase in the value of imports was seen in consumer goods and agricultural products.

Exports of services stood at PLN 37.1bn, up by PLN 1.6bn (i.e. 4.6%) on the corresponding month of 2024. Imports of services stood at PLN 22.6bn, having increased by PLN 1.7bn (i.e. 8.0%) on the February 2024 figure.

The balance of the primary income account was negative at PLN 10.0bn. Compared to the corresponding period of 2024, it deteriorated by PLN 3.5bn. The PLN 5.2bn increase in foreign direct investors’ income on their equity investment in Polish entities was the biggest contributor to the deepening of the negative balance of the primary income. Foreign direct investors’ income amounted to PLN 11.4bn in February 2025. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.4bn) and on other investment (PLN 2.0bn).