Poland’s balance of payments in November 2023

NBP data: In November 2023, the current account of the balance of payments posted surpluses in the services account (PLN 12.9bn) and trade in goods account (PLN 1.0bn), and deficits in the primary income account (PLN 7.9bn) and the secondary income account (PLN 0.3bn).

Preliminary data on Poland’s balance of payments in November 2023, released on 12 January 2024, show a surplus of PLN 5.8bn in the country’s current account. In the corresponding month of 2022, the balance of the current account was negative and amounted to PLN 3.5bn.

In November 2023, the downward trend in trade in goods continued. According to preliminary estimates, the value of goods exports amounted to PLN 131.0bn, which means an 8.3% decrease on the corresponding month of 2022. The value of goods imports decreased by 13.8% on the November 2022 figure to PLN 130.0bn.

The decrease in exports in November 2023 was larger than in the preceding months. First of all, the downward trend in consumer goods exports became steeper. The value of exports of TV sets and household appliances was markedly lower in year-on-year terms. Big falls were also reported by the exporters of intermediate goods and investment goods. On the other hand, exports of means of transport were bigger than in November 2022.

The scale of decrease in imports was similar to that in the previous months. The biggest decline was recorded in the value of imports of fuels, mainly due to a sharp year-on-year decrease in prices. Large drops in imports were also observed in such categories as intermediate goods and parts for consumer and investment goods, which include key components for export production. The scale of decrease in consumer goods imports was smaller in November 2023.

Exports of services amounted to PLN 40.2bn and rose by PLN 1.1bn (or 2.7%) on the corresponding month of 2022. Imports of services amounted to PLN 27.3bn, which represents an increase of PLN 1.5bn (or 5.9%) on the November 2022 figure.

The negative balance of the primary income account was primarily due to foreign direct investors’ income of PLN 11.1bn on their equity investments in Polish entities. The balance of the primary income account was also influenced by income payments on portfolio investment (PLN 1.1bn) and on other investment (PLN 1.9bn).