Poland’s balance of payments in March 2021

NBP data: In March 2021, the current account of the balance of payments posted surpluses in the trade in goods account (PLN 2.7bn) and the services account (PLN 8.9bn), while the primary and secondary income accounts were in deficit (of PLN 6.6bn and PLN 0.7bn, respectively).

Preliminary data on Poland’s balance of payments in March 2021, released on 14 May 2021, show a surplus of PLN 4.3bn on the country’s current account. In the corresponding month of 2020, this balance was also positive and stood at PLN 3.2bn.

Exports of goods amounted to PLN 112.4bn and were PLN 27.5bn (or 32.5%) higher than in the corresponding month of 2020. This was the largest increase in exports seen in recent years. Imports of goods increased by PLN 24.8bn (i.e. 29.3%), to PLN 109.7bn. The balance of trade in goods was in surplus of PLN 2.7bn.

Exports of services stood at PLN 21.6bn, representing an increase of PLN 1.3bn (i.e. 6.3%) on the March 2020 figure. Imports of services stood at PLN 12.7bn and remained at a level close to that of March 2020.

The balance of primary income was negative at PLN 6.6bn. The negative balance was determined primarily by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 6.6bn. The balance of income was also affected by the payment of income on portfolio investment (PLN 0.8bn) and on other investment (PLN 0.6bn).