Polish foreign trade up; slight deficit

Polish foreign trade up; slight deficit. Photo: Pixabay.com

Polish imports were up 8.7 percent and exports rose by 6.5 percent in the first seven months of the year, when expressed in euros, compared to the same period in 2017 leading to a foreign trade deficit of EUR 1.6 bn.

Polish imports and exports in July were slightly below those for June, which was a record month for foreign trade, most likely due to seasonal differences. Nevertheless, compared to last year’s same seven month period, exports amounted to EUR 125.7bn while imports amounted to EUR 127.3 bn.

Germany is Poland’s largest trading partner

Poland’s goods and services most readily find buyers in the European Union, (60 percent). Germany, unsurprisingly, is still Poland’s largest trading partner, both in terms of exports and imports.

Poland’s exports to its western neighbour amounted to EUR 35.2 bn over the period, which was nearly 8 percent more than the same period last year. Germany now takes 28 percent of Poland’s exports.

Second on the list of export markets is the Czech Republic, where Poland sends 6.3 percent of its goods and services. Russia now takes 3.0 percent of Poland’s exports, while the USA accounts for 2.8 percent.

In terms of imports, again Germany is on top, sending Poland EUR 29.1 bn worth of goods, which is 6.2 percent more than the July year to date balance in 2017.

Poland’s imports from China, expressed in EUR, grew by two percent but its share of overall imports fell back 0.5 percent.

Russian and US imports on the up

The biggest change on an annual basis is seen in imports from Russia, which in EUR terms are up nearly 24 percent. US imports were similarly up 16 percent on last year.