Polish exports smash the one trillion złoty mark to hit record high
Polish exports have broken a new record, reaching over 1 trillion złoty last year – that’s one followed by twelve zeros. European trading partners remained key, but exports to more distant countries also grew rapidly as well.
According to preliminary data published by the country’s Central Statistical Office this week, Poland exported 1.013 trillion złoty (EUR 235.8 billion) worth of goods and imported 1.005 trillion złoty (EUR 234 billion) in 2019, an increase of 6.6 percent and 3.6 percent respectively compared to 2018.
Germany remains the top destination for Polish products having imported EUR 65.1 billion worth of goods last year – over one-quarter of Poland’s total exports. The Czech Republic and Britain were next, importing slightly more than EUR 14 billion worth of Polish products.
However, exports to these countries grew more slowly than the overall average, in part due to the economic slowdown in Germany as well as the uncertainty associated with Brexit. Meanwhile, exports to France and Hungary (ranked fourth and tenth for Polish imports) grew much faster, registering at over 10 percent compared to 2018 when measured in złoty.
Exports to certain countries outside the EU grew rapidly, too, reflecting Poland’s efforts at export diversification. Exports to the United States grew to EUR 6.8 billion, an increase of 11.2 percent when measured in złoty (or 10.1 percent in euros). Those to Russia, the other non-EU country among the top ten destinations for Polish products, grew at a similar rate, to EUR 7.4 billion.
Together, the countries in the top ten accounted for two-thirds of Polish exports. In terms of imports to Poland, the top three countries of origin were Germany, China and Russia.
Polish exports spanned a wide range of product categories with the largest being machines, devices and transport equipment, which accounted for over 30 percent of exports, followed by various types of industrial products. Food and live animals accounted for over 10 percent of exports.
Looking ahead, analysts forecast that Poland’s exports in 2020 will be influenced by a number of factors that will include the state of the economy in Germany and other key trading partners, as well as Brexit negotiations between the EU and Britain.