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Poland’s balance of payments in July 2022

Date: 2022-09-13

NBP data: In July 2022, the current account of the balance of payments posted deficits in the trade in goods account (PLN 6.9bn), the primary income account (PLN 11.3bn) and the secondary income account (PLN 2.5bn) and a surplus in the services account (PLN 12.4bn).

Preliminary data on Poland’s balance of payments in July 2022, released by NBP on 13 September 2022, show a deficit of PLN 8.3bn on the country’s current account. In the corresponding month of 2021, the balance was also negative and stood at PLN 4.6bn.

In July 2022, the value of goods exports amounted to PLN 124.1bn, representing an increase of PLN 25.1bn (i.e. 25.4%) as compared with the corresponding month of 2021. The value of goods imports, compared with July 2021, rose by PLN 29.6bn (i.e. 29.1%), reaching PLN 131.0bn. The high growth rate of the trade in goods, in nominal terms, observed in a number of months were primarily driven by rising transaction prices in exports and imports. The highest price increases were reported for fuels and food. In July, the price of imported oil reached a new all-time high – PLN 460 per barrel. The value of exports was also driven by a rise in foreign sales in the automotive sector. This was the first such a substantial rise in exports for a number of months.

Exports of services amounted to PLN 32.4bn, representing an increase of PLN 6.0bn (i.e. 22.7%) on the corresponding month of 2021. Imports of services stood at PLN 20.0bn, having increased by PLN 3.5bn (i.e. 20.9%) on the July 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 8.3bn. The balance of the primary income account was also affected by the payment of income on portfolio investment (PLN 1.9bn) and on other investment (PLN 1.1bn).

See also: balance of payments statistics

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