Poland's H1 2023 trade turnover improves, hits PLN 30.8 bn

21 Aug '23

2 min read

Pic: Shutterstock/Alex Kolokythas Photography

Insights

Poland's foreign trade turnover in H1 2023 recorded substantial growth with a positive balance of PLN 30.8 billion, a big shift from a negative PLN 42.4 billion in 2022.
Exports increased by 6.1 per cent, and imports decreased by 3.2 per cent.
A negative balance was seen with developing countries, but positive with Central and Eastern Europe and the EU.

Poland’s foreign trade turnover showed significant improvement in the first half (H1) of 2023, with positive balances recorded for both exports and imports. In PLN terms, exports were PLN 821.4 billion (around $200.439 billion) while imports were PLN 790.6 billion, resulting in a positive balance of PLN 30.8 billion. This marks a stark turnaround from the negative PLN 42.4 billion balance in the same period of 2022.

Exports saw a 6.1 per cent increase and imports a 3.2 per cent decrease in comparison to last year. When measured in USD, the positive balance reached $7.2 billion, and in EUR, it reached €6.6 billion, contrasting the negative balances of previous years, Statistics Poland said in a press release.

The majority of Poland’s trade activity was with developed countries, which comprised 86.8 per cent of total exports and 65.3 per cent of imports. EU countries made up 75.0 per cent and 53.8 per cent of these figures, respectively. Meanwhile, the least activity was with Central and Eastern Europe, only 4.9 per cent in exports and 2.6 per cent in imports.

There was a negative balance with developing countries, amounting to minus PLN 185.2 billion, while positive balances were observed with Central and Eastern Europe and with developed countries. Specifically, the balance with the EU was a positive PLN 191.0 billion.

Among Poland’s main trade partners, increases in exports were noted except with Slovakia, where a 1.6 per cent decrease was observed. Imports fell with Germany, China, Italy, Czechia, and Belgium.

In terms of imports by country of consignment, the highest turnover was recorded with developed countries at PLN 597.1 billion, predominantly with the EU. Changes in shares were noted with Germany, the Netherlands, Belgium, Czechia, and France. Finally, the SITC nomenclature reported an increase in five commodity sections in exports and four in imports compared to 2022.

Fibre2Fashion News Desk (NB)

More Textiles News - Poland...