Poland’s balance of payments in July 2025

NBP data: In July 2025, the current account of the balance of payments posted a surplus in the services account (PLN 14.0bn) and deficits in the trade in goods account (PLN 5.4bn), the primary income account (PLN 13.8bn) and the secondary income account (PLN 0,4bn).

Preliminary data on Poland’s balance of payments in July 2025, released on 12 September 2025, show a deficit of PLN 5.7bn on the country’s current account. In the corresponding month of 2024, the current account balance was also negative and stood at PLN 2.1bn.

According to preliminary data, July 2025 saw an increase in both exports and imports. It was the third consecutive month of growing goods exports. The value of exports rose by 2.1% compared to July 2024, reaching PLN 119,9bn. In turn, imports increased by 2.3% on the previous year, to PLN 125.3bn.

The increase in exports was driven by a further rise in transactions of re-export nature, as evidenced by the continued strong upward trend in the exports of clothing, footwear, and toys, as well as higher prices of agricultural products. Export performance was also supported by a gradual recovery in the automotive industry. In July 2025, significant increases were recorded in the exports of buses and passenger cars. At the same time, foreign sales of delivery vehicles and road tractors also rose. On the other hand, the decline in the sales of durable consumer goods and supply goods, especially metals, continued to negatively affect export growth.

In the discussed period, the sharpest rise was seen in the imports of goods intended for re-export, concentrated mainly in the category of semi-durable consumer goods. July also saw the highest increase in passenger car imports in 2025. The significant rise in imports was to a large extent a result of deliveries of vehicles from China. On the other hand, the continuing marked downward trend in oil prices contributed to a further decline in the value of imported fuels. Imports were also adversely affected by the low activity in the Polish industry, which was reflected in the continued fall in the deliveries of supply goods.

Exports of services stood at PLN 42.7bn, up by PLN 1,3bn (i.e. 3.1%) on the corresponding month of 2024. Imports of services stood at PLN 28.8bn, having increased by PLN 2.2bn (i.e. 8.1%) on the July 2024 figure.

The balance of the primary income account was negative at PLN 13.8bn. Compared to the corresponding period of 2024, it deteriorated by PLN 2.6bn. The largest contributor to the worsening of the negative balance of the primary income account was the negative balance of foreign direct investment, down by PLN 1.9bn. This was affected by a rise (of PLN 1.4bn) in the income of foreign investors from portfolio investments in Polish entities, with the income of Polish direct investors down by PLN 0.4bn . Foreign direct investors’ income amounted to PLN 13.2bn in July 2025 and declared dividends amounted to PLN 6.7bn.