Thursday, August 11, 2022

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Polish exports take off

Poland’s exports rose 17.5% in November and faster than in the two previous months. The import growth rate was also higher (+30%), the Central Statistical Office (GUS) reported.

Comment by Mariusz Zielonka, economic expert from the Lewiatan Confederation:

After two months of relatively low growth in exports, November brought a dynamic revival. According to preliminary data, exports increased by as much as 17.5% and reached 27.2 billion euros. Most likely, exports will continue to grow in the coming months, at least as indicated by data from the PMI index, where new orders are clearly increasing. However, further restrictions in our main EU trade partners may have a negative impact on exports. However, as in the previous waves of the Covid-19 pandemic, the services sector will be much more affected by restrictions than the industrial sector. Polish enterprises are still burdened by the prices of products on the wholesale market. Increases in fuel and energy prices are also influencing this.

After eleven months of 2021 exports are slightly positive and the surplus in foreign trade turnover amounted to 1 billion euros. This is the same result as in October. Compared to the same period of 2020, exports increased by 22.5% and imports by 28.0%.

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