Poland’s balance of payments in May 2025

NBP data: In May 2025, the current account of the balance of payments posted a surplus in the services account (PLN 13.8bn) and deficits in the primary income account (PLN 14.0bn), in the trade in goods account (PLN 6.1bn) and in the secondary income account (PLN 1.1bn).

Preliminary data on Poland’s balance of payments in May 2025, released on 14 July 2025, show a deficit of PLN 7.4bn in the country’s current account. In the corresponding month of 2024, the current account balance was also negative and stood at PLN 2.0bn.

Exports and imports of goods show an increasingly pronounced upward trend. This may point to a gradual recovery in the main export markets. In May 2025, the value of exports increased by 3.4% on the corresponding month of 2024, to PLN 119.9bn (the most marked increase since March 2023). The value of goods imports increased by 4.5% on the previous year, reaching PLN 126.1bn. Trends in particular goods categories continued to vary considerably, which means that recovery is not uniform across the markets.

In the discussed period, the highest rise was recorded in the exports of toys, clothes and pharmaceutical products. Export growth was also supported by a renewed rise in foreign sales in the automotive industry. This was another month of a marked rise in the exports of agricultural products. On the other hand, a marked downward trend continued in the exports of durable consumer goods.

In May 2025, imports were considerably boosted by the supplies of armament. Also imports of consumer goods and agricultural products posted a relatively high growth. On the other hand, overall import growth was negatively affected by a sharp decline in the prices of imported crude oil. In the discussed period, oil prices reached the lowest level since September 2021, which was the result of price declines in the world markets and the deepening depreciation of the US dollar.

Income from exports of services amounted to PLN 39.3bn and increased by PLN 2.3bn (i.e. 6.2%) compared to the corresponding month of 2024. Expenditure amounted to PLN 25.2bn and increased by PLN 2.2bn (i.e. by 9.4%) compared to May 2024.

The primary income balance was negative at PLN 14.0bn. It deteriorated by PLN 3.1bn compared to the corresponding period of 2024. The increase in the income of foreign investors from portfolio investments in Polish entities (by PLN 1.9bn) was the largest contributor to the deepening of the negative balance of primary income. Direct investors’ income in May 2025 amounted to PLN 12.7bn.