Exports of goods from Poland increased by 13.7 percent y/y to €22.35 billion in July 2021, while imports increased by 22.1 percent to €23.06 billion, according to data presented by the National Bank of Poland (NBP).
The balance of trade in goods was negative and amounted to €714 million against €761 million of a positive balance a month earlier.
"In July 2021, the estimated value of exports of goods amounted to PLN 102 billion, which means an increase by PLN 14.4 billion, i.e. 16.5 percent compared to the corresponding month of 2020. Car batteries had the greatest impact on the increase in the value of exports. July, like May and June this year, was characterized by higher dynamics of imports than exports of goods,” the central bank commented.
The faster increase in the import of goods was caused, among others, by rising fuel prices. In July 2021, the average price of imported oil was 68.4 percent higher than in the previous year. The import of processed intermediate goods, which in recent months accounted for more than half of the value of imports, was also characterized by high dynamics, the NBP reported.
"The faster increase in the value of imports than exports contributed to the deficit in the turnover of goods in the amount of PLN 3.3 billion. Compared to July 2020, this means a deterioration of the balance by PLN 6.7 billion," NBP stated.