Poland’s balance of payments in May 2022
NBP data: In May 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 5.7bn), the primary income account (PLN 11.9bn) and the secondary income account (PLN 2.9bn) and a surplus in the services account (PLN 11.6bn).
Preliminary data on Poland’s balance of payments in May 2022, released by NBP on 14 July 2022, show a deficit of PLN 8.9bn on the country’s current account. In the corresponding month of 2021, the balance was positive and stood at PLN 2.2bn.
In May 2022, the value of goods exports amounted to PLN 130.7bn, representing an increase of PLN 29.9bn (i.e. 29.7%) as compared with the corresponding month of 2021. The value of goods imports, compared with May 2021, rose by PLN 38.6bn (i.e. 39.4%), reaching PLN 136.4bn. The large increase in the value of trade in goods was driven by rising transaction prices and the number of working days, i.e. one day more than in the corresponding month of 2021. Both in exports and imports, the highest increases were reported in the categories of goods with the highest price increases, i.e. fuels, intermediate goods and food.
Exports of services amounted to PLN 29.0bn, representing an increase of PLN 5.1bn (i.e. 21.3%) on the corresponding month of 2021. Imports of services stood at PLN 17.4bn, having increased by PLN 2.6bn (i.e. 17.4%) on the May 2021 figure.
The negative balance of the primary income account was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 13.9bn. The balance of the primary income account was also affected by the payment of income on portfolio investment (PLN 1.0bn) and on other investment (PLN 0.9bn).