Poland’s balance of payments in November 2024

Preliminary data on Poland’s balance of payments in November 2024, released on 13 January 2025, show a deficit of PLN 2.3bn in the country’s current account. In the corresponding month of 2023, the current account balance was positive and stood at PLN 5.2bn.

In November 2024, the value of exports decreased by 6.2% on the corresponding month of 2023, to PLN 123.0bn. The value of goods imports decreased by 2.0% on the November 2023 figure, reaching PLN 130.1bn. The reduced growth rate of the trade in goods was significantly influenced by the smaller number of workdays in November 2024 than in November 2023. This resulted in lower exports and imports growth compared to previous months.

In November 2024, the value of imports fell in five out of the six main categories. The value of exports of means of transport fell the most, which was mainly due to the deteriorating situation of the automotive industry. Deep declines in sales were recorded by exporters of passenger cars, road tractors, buses, automotive parts and electric batteries. The only category in which the value of exports remained at a similar level to the previous year was agricultural products. This was affected by the increase in prices of some commodities.

In November 2024, the value of imports declined in five categories. Imports of means of transport decreased the most. On the other hand, the high upward trend in the imports of passenger cars continued, which is reflected in both growing number of registrations of new cars as well as used cars imported to Poland. Compared to October, the scale of the decline in the imports of fuel decreased, and the value of imports of agricultural products remained unchanged on the previous year’s figure.

Income from exports of services amounted to PLN 42.1bn and increased by PLN 2.1bn (i.e. by 5.3%) compared to the corresponding month of 2023. Expenditure amounted to PLN 28.3bn and increased by PLN 1.7 bn (i.e. 6.4%) compared to November 2023.

The primary income balance was negative at PLN 6.6bn. It improved by PLN 0.4bn compared to the corresponding period of 2023. The negative balance of wages, which improved by PLN 0.9bn compared to the corresponding period of 2023, was the largest contributor to the improvement of the negative balance of primary income. The amount of the negative balance of primary income was also determined by foreign direct investors’ income on their equity investments in Polish entities, which amounted to PLN 11.2bn, and the payment of income on portfolio investment (PLN 1.5bn) and other investment (PLN 2.0bn).