Foreign trade is on the up, latest data shows
Poland’s trade balance from January to October this year amounted to 4.6 billion PLN, a positive swing of 18.4 billion PLN since the same period last year.
Total exports for the period amounted to 845.4 billion PLN, while imports were 840.8 billion PLN, says new data.
According to the National Statistical Office, GUS, the majority of exports went to other EU countries, 675.6 billion PLN or roughly 80 percent while 58 percent of imports, worth 486.8 billion PLN, came from EU countries. This means that Poland has an impressive trade surplus with other EU countries of 188.8 billion PLN.
Germany remains the most significant trading partner both in imports and exports, with Poland having a positive trading balance of nearly 50 billion PLN. However trade between Poland and Germany dropped as an overall percentage, in both import and exports, showing Poland’s increasingly diverse trading relationships.
The second largest partner for imports was China. Poland imported 104.1 billion PLN worth of goods in the first ten months of the year, only China and USA increased their percentage of year on year trade with Poland from the top ten partners. Russia remained the 3rd largest importer into Poland despite suffering the biggest drop off in trade in the last year, interestingly, as imports fell off, Poland was still able to increase exports to Russia.
The largest increase in exports by sector concerned animal and vegetable oils, fats and waxes which were up by 27.2 percent and beverages and tobacco exports also up by 10.8 percent, while a decrease occurred in mineral fuels, lubricants and related materials which were down by 7 percent.
The largest increase by sector regarding imports was recorded in beverages and tobacco, which were up by 15.7 percent, while machinery and transport equipment saw an increase of 8.4 percent with mineral fuels, lubricants and related materials being down by 4.8 percent.
Other countries in the top ten import partners were Italy, Netherlands, France, Czech Republic, Belgium and Spain. The top ten export partners were Germany, Czech Republic, UK, France, Italy, Netherlands, Russia, USA, Sweden and Hungary.