Exports increased by 5.6 percent y/y to €22.15 billion in November 2020 (a decrease by 3.6% percent m/m), according to the estimates of the Polish Chamber of Commerce (KIG). The Chamber estimates that throughout 2020, exports decreased by 1.7 percent y/y to €229 billion. According to the Polish Chamber of Commerce, in 2021, exports, amounting to €240.7 billion, may turn out to be 5.1 percent higher than in 2020.
"November usually brings a correction of (high in October) export activity. Trade, but also industry, having already built up inventories for the turn of the year (both in terms of goods for trade in the pre-Christmas and New Year period, as well as materials for production), This year, November also saw a decrease in sales, after excellent results from October. Probably this decrease was weaker than a year ago. Consequently, in November the annual export dynamics may improve to 5.6 percent from October’s 3.7 percent. If it were so, November would turn out to be the sixth month in a row (and the eighth in the whole year) in which sales were higher than in the corresponding period of the previous year," KIG indicated.
According to preliminary data of the National Bank of Poland (NBP), in the first ten months of 2020, exports amounted to €189.09 billion and turned out to be 2.9 percent lower y/y. According to the report presented by the Central Statistical Office (GUS), exports, amounting to €193.9 billion in the period January-October 2020, turned out to be 2.6 percent lower than in the previous year.
From June onwards, exports turned out to be higher than a year ago, the Chamber emphasized.