Narodowy Bank Polski

Poland’s external trade in August 2011

Date: 13-10-2011

According to the information on the balance of payments in August, export growth in this period exceeded considerably import growth.

In August, exports stood at EUR 11.6 billion and exceeded last year’s figure by 17.1%; as compared to July 2011 exports were higher by 6.7%. This was coupled with persistently weaker import growth. As compared to last year’s figure, imports rose by 11.7% and were higher by 2.5% than the previous month’s figure.

This was one of the factors which contributed to lower than in the preceding year negative current account balance – in August 2011 it stood at EUR 1.7 billion versus EUR 2.0 billion recorded in August 2010.

The current account deficit is mainly driven by the negative balance in the income account, especially investment account, which this time amounted to EUR 1.7 billion. A positive balance was recorded in the services account and the EU transfers account, albeit on a smaller scale.

As a result of capital inflows to Poland, the positive balance of foreign direct investment reached EUR 1 billion in August, and that of portfolio investment stood at EUR 2.5 billion.

More details can be found in BALANCE OF PAYMENTS IN AUGUST 2011

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