Poland’s balance of payments in May 2021

NBP data: In May 2021, the current account of the balance of payments posted surpluses on the trade in goods account (PLN 0.8bn) and the services account (PLN 8.3bn), while the primary and secondary income accounts were in deficit (of PLN 7.8bn and PLN 1.0bn, respectively).

Preliminary data on Poland’s balance of payments in May 2021, released by NBP on 14 July 2021, show a surplus of PLN 0.3bn on the country’s current account. In the corresponding month of 2020, the balance was also positive and stood at PLN 7.0bn.

In May 2021, a significant increase was recorded in exports and imports of goods. Compared with May 2020, the estimated value of exports rose by 41.8%, and of imports by 53.8%, and compared with May 2019 by 20.8% and 17.9%, respectively. These high growth rates resulted from both the low reference level in 2020 due to the COVID-19 restrictions then in place, and the persistently strong economic conditions in the export sector.

Exports of services amounted to PLN 20.8 billion, up by PLN 2.0 billion, i.e. 10.4%, on May 2020. Imports stood at PLN 12.5bn, having increased by PLN 0.5bn (i.e. 4.4 %.)

The primary income balance was negative and amounted to PLN 7.8bn. This balance was determined by foreign direct investors’ income on their capital involvement in Polish companies, which amounted to PLN 8.1 billion. The balance on primary income was also influenced by payments of income due to portfolio investment (PLN 0.7bn) and other investment (PLN 0.4bn).