Poland’s balance of payments in January 2022
NBP data: In January 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 5.4bn), the primary income account (PLN 1.4bn) and the secondary income account (PLN 1.9bn), and a surplus in the services account (PLN 8.4bn).
Preliminary data on Poland’s balance of payments in January 2022, released by NBP on 16 March 2022, show a deficit of PLN 0.3bn on the country’s current account. In the corresponding month of 2021, the balance was positive and stood at PLN 9.2bn.
In January 2022, the value of goods exports amounted to PLN 112.4bn, representing an increase of PLN 21.1bn (i.e. 23.1%) as compared with the corresponding month of 2021. January 2022, similarly to December 2021, was characterised by faster growth in imports than in exports of goods. The value of goods imports rose by PLN 32.3bn (i.e. 37.8%) on the January 2021 figure, reaching PLN 117.8bn. The continued fast growth in imports and the resulting deterioration of the balance were mainly driven by a marked increase in prices in the categories comprising raw fuels (natural gas and crude oil).
Exports of services stood at PLN 24.7bn, representing an increase of PLN 4.9bn (i.e. 24.7%) on the January 2021 figure. Imports of services stood at PLN 16.2bn, having increased by PLN 4.0bn (i.e. 33.1%) on the January 2021 figure.
The negative balance of the primary income account was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 9.4bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.7bn) and on other investment (PLN 0.6bn).