Poland’s balance of payments in September 2021

NBP data: In September 2021, the current account of the balance of payments posted deficits in the trade in goods account (PLN 0.5bn), the primary income account (PLN 12.3bn) and the secondary income account (PLN 1.3bn), and surpluses in the services account (PLN 8.0bn).

Preliminary data on Poland’s balance of payments in September 2021, released by NBP on 15 November 2021, show a deficit of PLN 6.1bn on the country’s current account. In the corresponding month of 2020, the balance was positive and stood at PLN 6.3bn.

In September 2021, the value of goods exports amounted to PLN 112.0bn, representing an increase of 14.5% as compared with the corresponding month of 2020. The value of goods imports rose by 24.0% on the September 2020 figure, reaching PLN 112.6bn. The faster growth in the value of imports than of exports resulted in another deterioration of the balance of trade in goods, which stood at PLN 0.5bn in September 2021 (as compared with the surplus of PLN 7.0bn in September 2020). The deterioration of the balance as compared with 2020 was caused by a further growth in prices in the global raw material markets as well as worsening shortages in the microprocessor market.

Exports of services stood at PLN 24.0bn, representing an increase of PLN 1.2bn (i.e. 5.2%) on the September 2020 figure. Imports of services amounted to PLN 16.00bn, having increased by PLN 2.6bn (i.e. 19.7%) on the September 2020 figure.

The balance of the primary income account was negative at PLN 12.3bn. The negative balance was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 9.3bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 2.1bn) and on other investment (PLN 0.5bn).