Poland’s balance of payments in July 2024

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NBP data: In July 2024, the current account of the balance of payments posted a surplus in the services account (PLN 13.1bn) and deficits in the trade in goods account (PLN 6.2bn), the primary income account (PLN 12.2bn) and the secondary income account (PLN 1.0bn).

Preliminary data on Poland’s balance of payments in July 2024, released on 13 September 2024, show a deficit of PLN 6.3bn on the country’s current account. In the corresponding month of 2023, the balance was positive and stood at PLN 0.2bn.

July 2024 saw an increase in the value of exports and imports. The value of goods exports amounted to PLN 115.6bn, representing a 0.7% increase on the corresponding month of 2023. The value of goods imports increased by 6.4% on the July 2023 figure, reaching PLN 121.8bn.

In July 2024, the value of exports increased in two out of the six main categories of goods. Exports of agricultural products and intermediate goods increased. The value of exports of consumer goods was similar to the corresponding month of 2023. However, a deep decline in sales in the automotive industry had a profound negative impact on exports growth.

Imports in July 2024 rose on the back of the increase in imports of agricultural products, intermediate goods and consumer goods, particularly durables. As in previous months, the imports of passenger cars also increased significantly. The markedly higher rise in imports than in exports resulted from the gradually rising demand for imported products and the increasing impact of rising prices in global markets. In July 2024, for the first time this year, the prices of imported oil increased.

Exports of services stood at PLN 38.6bn, representing a slight increase (of PLN 0.6bn) on the corresponding month of 2023. Imports of services stood at PLN 25.5bn,having increased by PLN 2.3bn (i.e. 9.7%) on the July 2023 figure.

The balance of the primary income, as compared to the corresponding month of 2023, improved by PLN 1.1bn. The improvement in the negative balance of income was primarily due to lower wage expenses. The negative balance of the primary income was also influenced by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 12.2bn, and the payment of income on portfolio investment (PLN 1.5bn) and other investment (PLN 2.5bn).