Poland’s balance of payments in October 2022
NBP data: In October 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 10.9bn), the primary income account (PLN 6.2bn) and the secondary income account (PLN 0.3bn), and a surplus in the services account (PLN 14.8bn).
Preliminary data on Poland’s balance of payments in October 2022, released by NBP on 14 December 2022, show a deficit of PLN 2.6bn on the country’s current account. In the corresponding month of 2021, the balance was positive and stood at PLN 4.3bn.
In October 2022, the value of goods exports amounted to PLN 137.9bn, representing an increase of PLN 31.3bn (i.e. 29.4%) as compared with the corresponding month of 2021. The value of goods imports rose by PLN 34.7bn (i.e. 30.4%) on the October 2021 figure, reaching PLN 148.8bn. The high growth rate of the trade in goods in nominal terms, observed for several months, was mostly driven by sharply rising transaction prices.
Recent months saw a systematic decrease in the difference between export and import growth. A gradual decrease in import growth accompanied a persistently hight level of export growth. This was due to changes in the structure of turnover growth. The current increase in the value of exports was mainly driven by a rise in sales in the automotive industry. On the other hand, a slowdown in imports of the largest groups in supply goods, especially iron and steel and plastics, contributed to a gradual slowdown in high import growth.
Exports of services stood at PLN 38.1bn, representing an increase of PLN 8.2bn (i.e. 27.4%) on the corresponding month of 2021. Imports of services stood at PLN 23.3bn, having increased by PLN 4.3bn (i.e. 22.6%) on the October 2021 figure.
The negative balance of the primary income was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 10.8bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.8bn) and on other investment (PLN 1.5bn).