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Thursday, April 18, 2024

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Poland notes €10.5 bn trade surplus in 2023

According to Central Statistical Office (GUS) data, Poland had a foreign trade surplus of €10.5 billion in 2023, with the country’s largest partner again Germany. Although Poland had a trade surplus in many regions, a foreign exchange deficit of €79.3 billion in trade with China stood out.

According to the report presented by GUS on February 15, Poland recorded a trade surplus of 10.5 billion in foreign trade in 2023. Total exports were 351 billion, slightly lower than expected, but 1.4% higher than the same period of 2022. In January-November this was 1.8% higher.

In 2023, Poland’s exports to Germany reached 98.1 billion, a 1.7% increase compared to the previous year. In the January-November period, this was 2.2%. Exports to all other eurozone members reached 109.7 billion, increasing by 0.4% compared to 2022. The increase in January-November was 0.5%. The largest volume in this field was created with France, with trade reaching 21.5 billion, increasing by 8.4% compared to the previous year. The total volume of products and services sold to Italy was 16 billion, an increase of 0.8%. Even though there was a 0.8% decrease to the Netherlands, trade volume reached 15.8 billion. Exports to Spain increased by a remarkable 8.3%, reaching 9.6 billion. In trade with Slovakia, export volume was 9.6 billion, down 3.9%. Export volume to EU members outside the eurozone was 54.4 billion, a 4.1% decrease from 2022. The fall in January-November was 3.3%. The biggest partner in this field was the Czech Republic, one of Poland’s neighboring countries. Even though a 3.9% decrease was observed, an export volume of 22 billion was noted.

Trade with developed economies outside the EU was positive. Products and services worth 41.4 billion were exported to the countries in this classification, an increase of 4.5% y-o-y. The UK was the primary export destination, with export volume reaching 17.6 billion, up 4.5%. There was a 6.5% increase in flows to the US with exports of 10.9 billion.

Exports of 18.2 billion were calculated in the CEE classification. With the influence of Russia’s Ukrainian war, a remarkable increase of 16.8% in exports to Ukraine was observed – 11.3 billion. 

Trade with other developing countries also remained positive. The total volume reached 29.2 billion, an increase of 7%.

Poland’s imports decreased by 7% in 2023. Total imports were calculated as 340.5 billion. In January-November, the decrease was 6.6%. The partner with the highest trade volume was again Germany. However, there was a decrease of 8.7% in imports throughout the year and 8.4% in the January-November period, with imports reaching 67.5 billion. Imports with other eurozone countries were also 2% lower than in 2022 as a whole and 2.3% lower in the January-November period. The value of products and services purchased from Italy was 16.5 billion, a 3.6% decrease. With the Netherlands, only a 0.1% increase was observed and the volume reached 13.9 billion. An increase of 3.8% was also observed in France, reaching 11.2 billion.

The amount of products and services purchased from the Czech Republic decreased by 1.6% to 11 billion. Despite this, there was a 9.4% increase in imports from EU countries outside the eurozone with a volume of 36.6 billion.

The amount of products and services purchased from developed countries outside the EU also increased by 3.8% to 40.9 billion. While contact with the US decreased by 4.8%, imports from South Korea increased by 10.4%. Imports from the US reached 14.9 billion and from South Korea reached 9.6 billion. The biggest import increase was from Norway: 69.5% and 8.3 billion.

Russia’s Ukrainian War also greatly affected exports from CEE. With a decrease of 66.9%, only 7.6 billion could be purchased.

The volume of products purchased from developing countries was calculated as 108.5 billion, even if it decreased by 6.1%. The main reason for this was, of course, Poland’s second import partner, China: purchases of 47.4 billion, despite a 12.1% decrease.

A trade surplus of 10.5 billion Euros was widely greeted as a success, though foreign trade data varied between regions and countries. Poland had a surplus of 30.6 billion in its trade relations with Germany, its largest trade partner. The trade surplus with other eurozone countries was 300 million short of this figure. In the context of countries outside the eurozone, 17.8 billion remained in excess cash. A trade balance was also neared with developed economies outside the EU: a trade surplus of 500 million. In CEE, a foreign exchange surplus of 10.6 billion remained in Poland’s coffers.

Balancing trade surpluses elsewhere was trade with developing economies, especially China: a foreign exchange deficit of 79.3 billion.

Erol Dzhelik
Erol Dzhelik
I think we can overcome global challenges with mutual understanding, international cooperation and diplomacy. We offer you this insight at Poland Weekly.
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