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Poland’s balance of payments in November 2013

Date: 17-01-2014

NBP data: In November 2013 balances of trade in goods, services and EU transfers accounts were in the positive territory. Yet the combined balance of current and capital accounts was negative and amounted to EUR 755m.

Preliminary data on Poland’s balance of payments in November 2013, released by NBP on 17 January 2014, show Polish exports of goods of EUR 13.6bn, i.e. 1.2% higher than a year before. Imports decreased by 0.8% and stood at EUR 13.6bn at the end-November. Consequently, the positive balance of trade in goods amounted to EUR 7m, and improved by EUR 266m on November 2012. Also the balance of services remained positive, reaching EUR 343m. At the same time, income on services (transport in particular) grew by 3.7% y/y, to reach EUR 2.6bn, whereas the service account debits (purchase of services abroad) augmented by 3.8% y/y, and amounted to EUR 2.3bn.

November saw a positive balance of EU transfers in the amount of EUR 168m. The inflow of EU funds under current transfers reached EUR 97m (predominantly for the European Agricultural Guidance and Guarantee Fund), and under capital transfers amounted to EUR 262m (mostly for the European Regional Development Fund). Over the same period Poland paid to the EU budget EUR 191m in membership fees.

The negative balance of income of EUR 1.4bn played a decisive role in shaping the negative balance of current account in the amount of EUR 984m.

See: Balance of payments in November 2013

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