Trains, fibre optics and lotions: Poland’s export growth drivers in 2019

The increase in exports of goods and services by 10.6 percent in 2019, hailed by the Prime Minister Mateusz Morawiecki as proof Poland’s companies are “faring the best in the region.”

The National Bank of Poland’s figures show goods exports increasing in 2019 by 6.0 percent compared to 7.4 percent in 2018. However, Kamił Łuczkowski of Pekao SA said there were signs that Polish exporters were “finding new markets, as evidenced by a marked acceleration of exports to countries outside the EU."

Big winners in this regard included Polish cosmetics, which have been particularly successful in growing their business in China and other parts of Asia. Computer parts manufacturers and train parts manufacturers were also among the biggest gainers.

In the meantime, the growth of imports to Poland was slow once again. Kamil Łuczkowski pointed to a drop in the value of raw materials imported to Poland, such as cast iron and steel, as well as crude oil and hard coal. Commodity prices have fallen significantly.

Overall the 2019 trade surplus was EUR 224 million.

In Kamil Łuczkowski’s opinion, the drop in raw materials coming into the country, as well as the fact that export growth was not as rapid in the second half of the year indicate the possibility of slower export growth in 2020.