Poland’s balance of payments in October 2024

Preliminary data on Poland’s balance of payments in October 2024, released on 13 December 2024, show a surplus of PLN 4.6bn on the country’s current account. In the corresponding month of 2023, the balance was also positive and stood at PLN 9.6bn.

In October 2024, the value of exports decreased by 3.0% compared to the corresponding month of 2023 and amounted to PLN 130.8bn. On the other hand, compared to October 2023, the value of goods imports increased by 1.8% to PLN 134.0bn – this was the third increase in the value of imports during the past four months. However, growth in the trade in goods continued to be affected by low activity both in the Polish economy and in the countries that are Poland’s major trading partners.

In October 2024, exports decreased in five out of the six main goods categories. Lower sales of means of transport and their parts, mainly driven by a further decline in exports of electric batteries, was the biggest contributor to exports decline in October 2024. There was also a marked decline in exports of products classified as capital goods. In contrast, the only category where the value of exports was higher compared to the previous year was agricultural products.

In October 2024, import growth was recorded in three categories. Imports of consumer goods, especially household appliances and clothing, increased the most. Imports of agricultural products and means of transport were also higher than a year earlier. The increase in the latter category was driven by the persistently high demand for new and used cars. At the same time, the downward trend in fuel imports deepened, affected by a marked fall in prices.

Income from exports of services amounted to PLN 41.0bn and increased by PLN 1.7bn (i.e. by 4.2%) compared to the corresponding month of 2023. Expenditure amounted to PLN 25.7bn and increased by PLN 1.2bn (i.e. 5.0%) compared to October 2023.

The primary income balance was negative at PLN 5.6bn. It improved by PLN 1.3bn compared to the corresponding period of 2023. The positive balance of other primary income including, among others, direct payments was the largest contributor to the improvement of the negative balance of primary income. At the end of the period under review, this balance amounted to PLN 5.0bn and was higher by PLN 1.8bn than in the corresponding month of 2023. 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 11.3bn, and the payment of income on portfolio investment (PLN 1.7bn) and other investment (PLN 2.2bn).