Exports up imports down, on the surface a good result, but...

According to data published on Wednesday by the National Bank of Poland (NBP), exports amounted EUR 2.97 billion in March, which was 6.6% more than in March 2002. At the same time, the value of imports totalled EUR 3.46 billion, or 3.7% less than March 2002. As a result, the foreign trade deficit shrank to EUR 486 million and was lower than predicted by analysts. "This result is very pleasing. We are still doing well on foreign markets. The results are supported by a weakening złoty and the ongoing restructuring of many firms," claims Piotr Bujak from BZ WBK. However, analysts point out that weakening imports is also not a good symptom, as it means that internal demand is still low and shows that there are no real signs of economic recovery. (Rzeczpospolita, May 2-4, p. B2) M.M.