Poland’s balance of payments in November 2025
NBP data: In November 2025, the current account of the balance of payments posted a surplus in the services account (PLN 12.3bn) and deficits in the primary income account (PLN 8.8bn), the trade in goods account (PLN 4.6bn) and the secondary income account (PLN 0.9bn).
Preliminary data on Poland’s balance of payments in November 2025, released on 13 January 2026, show a deficit of PLN 2.0bn in the country’s current account. In the corresponding month of 2024, the current account balance was also negative and stood at PLN 1.2bn.
In November 2025, growth in trade in goods slowed down again. According to preliminary data, the value of goods exports increased by 0.4% on the November 2024 figure, reaching PLN 126.6bn. The value of imports increased by 0.9% on the previous year, to PLN 131.2bn.
November saw lower growth or a deepening decline in exports compared to previous months in most major categories. Growth in exports of non-durable consumer goods and agricultural products, which previously had the greatest positive impact on foreign sales growth, was significantly lower. The upward trend in exports of capital goods also halted. At the same time, the downward trend in exports of means of transport and their components deepened. The value of exports of supply goods was also lower compared to the same period in 2024.
An increase in the value of imports was recorded in only two of the eight main categories. Downward trends predominated in the remaining categories. The largest decline was observed in the imports of supply goods, driven, among other things, by further reductions in the supply of chemicals and semi-finished plastics. Falling fuel prices, including crude oil, also contributed to a significant decline in imports in this category. Compared to the previous year, the value of imports of durable consumer goods decreased, presumably due to falling prices of products imported from China.
Exports of services stood at PLN 44.0bn, up by PLN 1.9bn (i.e. 4.6%) on the corresponding month of 2024. Imports of services stood at PLN 31.7bn, having increased by PLN 2.0bn (i.e. 6.8%) on the November 2024 figure.
The balance of the primary income account was negative at PLN 8.8bn. Compared to the corresponding period of 2024, the deficit decreased by PLN 0.6bn. The largest contributor to the expansion of the primary income account deficit was the deficit in direct investment, which widened by PLN 0.6bn. This was driven by a decline (of PLN 0.4bn) in the income of Polish direct investors, accompanied by a slight increase in the income of foreign investors from direct investments (of PLN 0.2bn). Foreign direct investors’ income amounted to PLN 13.4bn in November 2025. The amount of the primary income deficit was also determined by the payment of income on portfolio investment and other investment (PLN 1.7bn and PLN 2.0bn, respectively).