Poland’s balance of payments in June 2022
NBP data: In June 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 3.9bn), the primary income account (PLN 11.4bn) and the secondary income account (PLN 4.8bn), and a surplus in the services account (PLN 13.4bn).
Preliminary data on Poland’s balance of payments in June 2022, released by NBP on 12 August 2022, show a deficit of PLN 6.8bn on the country’s current account. In the corresponding month of 2021, the balance was also negative and stood at PLN 2.1bn.
In June 2022, the value of goods exports amounted to PLN 130.4bn, representing an increase of PLN 29.9bn (i.e. 29.8%) as compared with the corresponding month of 2021. The value of goods imports rose by PLN 35.3bn (i.e. 35.7%) on the June 2021 figure, reaching PLN 134.4bn. The high increases in the nominal value of trade in goods observed for several months were mostly driven by sharply rising transaction prices in both exports and imports. In addition to the higher prices, the increased value of exports was also driven by a large increase in sales to Ukraine, mostly of fuels and used cars.
Exports of services stood at PLN 31.0bn, representing an increase of PLN 5.3bn (i.e. 20.8%) on the corresponding month of 2021. Imports of services stood at PLN 17.6bn, having increased by PLN 3.3bn (i.e. 22.8%) on the June 2021 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 10.5bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.0bn) and on other investment (PLN 1.2bn).