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Poland’s balance of payments in February 2022

Date: 2022-04-13

NBP data: In February 2022, the current account of the balance of payments posted deficits in the primary income account (PLN 11.4bn), the trade in goods account (PLN 7.9bn) and the secondary income account (PLN 4.0bn), and a surplus in the services account (PLN 10.3bn).

Preliminary data on Poland’s balance of payments in February 2022, released by NBP on 13 April 2022, show a deficit of PLN 13.1bn on the country’s current account. In the corresponding month of 2021, the balance was positive and stood at PLN 1.2bn.

In February 2022, the value of goods exports amounted to PLN 115.1bn, representing an increase of PLN 12.1bn (i.e. 11.7%) as compared with the corresponding month of 2021. The value of goods imports, compared with February 2021, increased by PLN 23.1bn (i.e. by 23.1%), reaching PLN 123.0bn. Rising prices remained the major factor driving the growth of the value of trade. In February 2022, the value of exports of electricity, coke, coal and fertilisers, as well as computers and processors increased the strongest. In imports, the highest increase was reported in the value of natural gas and crude oil, as well as rolled products, aluminium and computer parts.

Exports of services stood at PLN 27.2bn, representing an increase of PLN 4.1bn (i.e. 17.6%) on the corresponding month of 2021. Imports of services stood at PLN 17.0bn, having increased by PLN 3.8bn (i.e. by 29.1%) on the February 2021 figure.

The negative balance of the primary income account was primarily determined by foreign direct investors’ income on their equity investment in Polish entities, which amounted to PLN 9.7bn. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 0.7bn) and on other investment (PLN 0.6bn).

See also: balance of payments statistics

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