Poland’s balance of payments in September 2024

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NBP data: In September 2024, the current account of the balance of payments posted a surplus in the services account (PLN 13.0bn) and deficits in the trade in goods account (PLN 3.0bn), the primary income account (PLN 13.8bn) and the secondary income account (PLN 2.3bn).

Preliminary data on Poland’s balance of payments in September 2024, released on 13 November 2024, show a deficit of PLN 6.1bn on the country’s current account. In the corresponding month of 2023, the balance was positive and stood at PLN 7.8bn.

In September 2024, the value of exports decreased by 6.5% on the September 2023 figure, reaching PLN 107.1bn. The value of goods imports decreased by 2.1% as compared to September 2023 and amounted to PLN 122.9bn. Growth in foreign trade remains influenced by low activity in both the Polish economy and Poland’s most important trading partners.

September 2024 saw a fall in foreign sales in all six categories of goods. The biggest decline was seen in exports of investment goods, means of transport and intermediate goods. Declines in exports prevailed in the automotive industry. Sales of electric batteries and passenger cars continued to fall sharply.

The biggest driver of the fall in the value of imports in September 2024 was the decline in value of imported fuels, mainly due to their lower prices. The downward trend also continued in imports of intermediate goods and investment goods. On the other hand, it was another month with an increase in imports of consumer goods, with imports of durable goods increasing most strongly, as in previous months. At the same time, further growth in imports of both new and used passenger cars was observed.

Exports of services stood at PLN 36.2bn, representing a decrease of PLN 2.2bn (i.e. 5.7%) on the corresponding month of 2023. Imports of services stood at PLN 23.3bn, having decreased by PLN 0.3bn (i.e. 1.1%) on the September 2023 figure.

The balance of the primary income, as compared to the corresponding month of 2023, decreased by PLN 5.4bn. The biggest contributor to the worsening of the negative balance of the primary income account was foreign direct investors’ income, which grew by PLN 1.3bn compared to September 2023. The negative balance of the primary income was also influenced by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 12.1bn, and the payment of income on portfolio investment (PLN 3.6bn) and other investment (PLN 2.3bn).