Poland’s balance of payments in March 2024
NBP data: In March 2024, the current account of the balance of payments posted surpluses in the services account (PLN 14.1bn) and the trade in goods account (PLN 2.1bn), and deficits in the primary income account (PLN 10.3bn) and the secondary income account (PLN 4.5bn).
Preliminary data on Poland’s balance of payments in March 2024, released on 14 May 2024, show a surplus of PLN 1.4bn on the country’s current account. In the corresponding month of 2023, the balance was also positive and stood at PLN 7.5bn.
The large falls observed in the value of trade in goods was a result, among others, of fewer working days than in March 2023. In March 2024 the value of goods exports amounted to PLN 122.0bn, representing a 17.0% decrease on the corresponding month of 2023. The value of goods imports decreased by 15.8% on the March 2023 figure, reaching PLN 119.9bn.
Compared to the corresponding month of 2023, in March 2024, the value of exports declined in all six categories. The biggest decreases were reported in the value of exports of intermediate goods and investment goods. On the other hand, somewhat smaller falls compared to total exports were seen in, among others, foreign sales of agricultural goods and means of transport. In the latter category, changes at the level of individual items varied widely. On the one hand, despite the unfavourable calendar alignment, the growth trend in export of delivery vehicles and passenger cars continued, while on the other hand, there was a further deep decline in sales of electric batteries.
The value of imports declined compared to March 2023 – as in exports – in all categories. The biggest decreases were reported in the value of delivery of intermediate goods and investment goods. However, relatively small falls occurred in the imports of means of transport and consumer goods, which may indicate rising demand for these products. As in previous months, the biggest increase in value was observed in passenger car imports.
Exports of services stood at PLN 34.8bn, representing a decrease of PLN 0.8bn (i.e. 2.1%) on the corresponding month of 2023. Imports of services stood at PLN 20.7bn, having decreased by PLN 0.9bn (i.e. 4.0%) on the March 2023 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 13.1bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.2bn) and on other investment (PLN 2.3bn).