Poland’s balance of payments in November 2021
NBP data: In November 2021, the current account of the balance of payments posted deficits in the trade in goods account (PLN 2.9bn), the primary income account (PLN 9.9bn) and the secondary income account (PLN 1.4bn), and surpluses in the services account (PLN 9.1bn).
Preliminary data on Poland’s balance of payments in November 2021, released by NBP on 13 January 2022, show a deficit of PLN 5.2bn on the country’s current account. In the corresponding month of 2020, the balance was positive and stood at PLN 5.8bn.
In November 2021, the value of goods exports amounted to PLN 125.2bn, representing an increase of PLN 19.0bn (i.e. 17.9%) as compared with the corresponding month of 2020. November 2021, similarly to October 2021, was characterised by a faster growth in imports than in exports of goods. The value of goods imports rose by PLN 31.9bn (i.e. 33.2%) on the November 2020 figure, reaching PLN 128.1bn. The continued fast growth in imports and the resulting deterioration of the balance were mainly driven by a marked growth in prices in the categories comprising fuels – natural gas, crude oil and its refining products.
Exports of services stood at PLN 28.2bn, representing an increase of PLN 3.5bn (i.e. 14.2%) on the November 2020 figure. Imports of services stood at PLN 19.0bn, having increased by PLN 3.5bn (i.e. 22.9%) on the November 2020 figure.
The balance of the primary income account was negative at PLN 9.9bn. The negative balance was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 8.7bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.7bn) and on other investment (PLN 0.5bn).