Poland faces gradual improvement in foreign trade, but exports drop - c. bank
Poland records gradual improvement in foreign trade, but exports in Polish zloty are falling, mainly due to low foreign sales of transport vehicles and their parts, Poland's central bank NBP reported.
"Preliminary goods turnover data show a gradual improvement in foreign trade. In October 2024, the value of exports decreased by 3 percent year on year, which was less than in previous months," NBP wrote in a commentary to Poland's balance payment data.
"In contrast, the value of imports increased by 1.8 percent year on year, the third increase in the last four months. However, good turnover growth is still influenced by low activity both in the Polish economy and in the countries that are the most important trade partners," it added.
According to Poland's central bank, a drop in foreign sales occurred in five of the six main categories of goods. The largest impact on the decrease in exports in October 2024 was due to lower sales of transport vehicles and its parts, which was mainly driven by a further decline in exports of electric batteries.
There was also a clear decline in exports of products classified as capital goods. In contrast, the only category where the value of exports was higher compared to the prior year period was agricultural products.
In turn, an increase in imports was recorded in three categories.
According to central bank's data, imports of consumer goods, especially white goods and clothing, increased the most. Imports of agricultural products and means of transport were also higher year on year. The increase in the latter category was linked to the continued high demand for new and second-hand cars.
NBP reported that at the same time, under the influence of a marked fall in prices, the downward trend in fuel imports deepened. The average price of imported oil fell in October to its lowest level since the end of 2021.
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