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GUS Data Reveals Declining Exports, Imports in January Despite Positive Trade Balance

ECONOMYGUS Data Reveals Declining Exports, Imports in January Despite Positive Trade Balance

Foreign trade turnover in January 2024 amounted to 121.9 billion PLN in exports and 115.7 billion PLN in imports, at current prices. The positive balance amounted to 6.2 billion PLN – reported the Central Statistical Office of Poland (GUS).

We ended January with a positive trade balance (6.2 billion PLN), hence, we are starting 2024 with a balance twice as high as the previous year. However, the first months of this year will be unique, as the later part of the year will bring an import surplus over exports, which will in turn negatively impact our GDP.

Looking at the dynamics of changes in the values of exports and imports, unfortunately, we do not have reasons to be satisfied. Both factor continue to hinder, recording decreases by 12.0% and 14.6% respectively.

In more detailed data concerning individual product categories, it is visible that trade exchange is driving Polish industry with the last of its strength. Areas where industrial production is increasing (mainly machinery, equipment, vehicles) occupy a significant share in our trade exchange.

We trade with our main trading partner – Germany, to a lesser extent. Exports fell by 16.5% year-on-year, and imports by 13%.

If the economic situation, especially beyond our western border, worsens – as predicted, our industry will not significantly rebound this year.

Mariusz Zielonka, Confederation Lewiatan

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