Poland’s balance of payments in January 2023

NBP data: In January 2023, the current account of the balance of payments posted surpluses in the services account (PLN 15.8bn) and the trade in goods account (PLN 5.8bn), and a deficit in the primary income account (PLN 12.0bn) and the secondary income account (PLN 2.8bn).

Preliminary data on Poland’s balance of payments in January 2023, released on 16 March 2023, show a surplus of PLN 6.7bn on the country’s current account. In the corresponding month of 2022, the balance was negative and stood at PLN 5.0bn.

In January 2023, the value of goods exports amounted to PLN 125.9bn, representing an increase of PLN 15.8bn (i.e. 14.3%) as compared with the corresponding month of 2022. The value of goods imports rose by PLN 7.1bn (i.e. 6.3%) on the January 2022 figure, reaching PLN 120.2bn. Thus January 2023 was the third consecutive month of a higher increase in exports than in imports. This time the scale of the difference was so big that the trade in goods returned to a positive balance for the first time in 18 months. The currently observed improvement in the balance took place under conditions of significant decreases of exports and imports growth in nominal and real terms.  

The rise in the value of exports in January 2023 was mostly driven by continued marked increases in foreign sales in the motor industry. High increases were observed in the sales of passenger cars, delivery vehicles, buses and automotive components.

In imports, the increase in the value of fuels continued, although its growth rate was significantly below the levels observed in 2022. However, noticeable decreases in categories encompassing industrial supplies and consumer goods had a negative impact on the growth of imports.

Exports of services stood at PLN 35.8bn, representing an increase of PLN 8.9bn (i.e. 33.3%) on the corresponding month of 2022. Imports of services stood at PLN 20.0bn, having increased by PLN 3.6bn (i.e. 21.9%) on the January 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 11.6bn. 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 1.7bn).