Poland registers record-high deficit in trade with Russia in 2021

Rafał Guz/PAP

In 2021, Poland recorded the highest trade deficit with Russia in nearly a decade, chiefly due to the significant increase in fuel prices.

"Last year's trade deficit increased to its highest level since 2014 and amounted to PLN 41.8 billion (EUR 9.1 billion)," the National Bank of Poland (NBP) reported on Monday, adding that this had been the largest trade gap since the moment when Poland started diversifying its crude oil supplies.

According to Poland' central bank, the deficit has reached such a high level chiefly due to a significant growth in fuel prices.

"In the Q4 2021 alone, the trade deficit with Russia amounted to PLN 17.4 billion (EUR 3.8 billion), up by PLN 15 billion (EUR 3.3 billion) year on year," NBP wrote.