Narodowy Bank Polski

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Positive balance of trade in goods in October

Date: 13-12-2013

NBP Data: October balance of payments showed positive balances on goods and services accounts and EU transfers. The total balance of the current and capital accounts was positive and stood at EUR 1.4bn.

Preliminary data on Poland’s balance of payments in October, released by Narodowy Bank Polski on 13 December 2013, show goods exports to be EUR 14.6bn, i.e. up by 0.2% on October 2012. Imports of goods increased by 2.4% and reached nearly 14.6bn at the end of the month. As a result, the positive balance of trade in goods was EUR 53m. Yet compared to October 2012, it had decreased by EUR 308m . The balance of services also remained positive and stood at EUR 391m. At the same time, credits on services (predominantly transportation) rose by 2.6% y/y, while debits – related to purchase of services from abroad – rose by 3.0% y/y.

October saw a positive balance of EU transfers, which reached nearly EUR 2.2bn. Inflows of funds from the European Union in current transfers were of EUR 452m (primarily to the European Social Fund), and in capital transfers – EUR 1.9bn (mainly to the European Regional Development Fund and the Cohesion Fund). At the same time Poland paid EUR 190m to the EU budget as contributions and membership fees.

The negative balance on income (amounting to EUR 1.3bn) was the decisive factor leading to a negative balance of current account of EUR 466m.

See: Balance of payments in October 2013

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