Polish exports break records, hefty current-account surplus: central bank

Despite the coronavirus crisis, Poland exported more than PLN 100 billion worth of goods in October, its highest monthly total ever, new data show.

The Warsaw headquarters of the National Bank of Poland (NBP).

The Warsaw headquarters of the National Bank of Poland (NBP).Photo: PAP/Tomasz Gzell

“Exports of goods were estimated at PLN 104.3 billion, exceeding the threshold of PLN 100 billion per month for the first time in history,” the country’s central bank has reported.

The National Bank of Poland (NBP) said that, when expressed in Polish zlotys, exports of goods went up by 9.5 percent in October in year-on-year terms, marking “the highest growth recorded in 2020.”

Meanwhile, imports increased by 1.9 percent in zloty terms, according to the Polish central bank.

In euro terms, exports of goods were also record-breaking in October, at nearly EUR 23 billion, or 3.7 percent more than a year earlier, the NBP said.

On the other hand, imports calculated in euros decreased by 3.5 percent, according to the National Bank of Poland.

“In the past several months a growth tendency has been observed for exports,” the bank said.

It also reported that Poland’s balance of payments showed a current-account surplus of more than PLN 80 billion, or about 3.5% of GDP, as of October.

Commenting on the latest data, Piotr Bujak, chief economist at state-owned Bank PKO BP, said that Polish foreign trade was setting new records on many fronts, buoyed by a growing competitiveness of the economy.

The Polish economy “is very competitive, and the pandemic has actually strengthened the position of many Polish companies on foreign markets,” Bujak said, adding that this created „more room for maneuver” for macroeconomic policy makers.

According to analysts at mBank, Poland’s leading online bank, the country’s continuing current-account surplus “is turning Poland into an exporter of capital,” the bankier.pl website reported.

(gs/pk)

Source: bankier.plnbp.pl

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