Pandemic expiry does not necessarily mean return to growth in Polish exports
15:00
The expiration of a pandemic in individual countries does not necessarily mean a return to the path of growth in Polish exports, experts of the Polish Institute of Economics (PIE) believe.
The Central Statistical Office (GUS) announced on Thursday that the surplus in Poland's foreign trade turnover in the first quarter of this year amounted to PLN 3.5 billion. In the same period a year ago, the positive balance amounted to PLN 1.0 billion. It was added that foreign trade goods turnover at current prices amounted to PLN 254.9 billion in exports and PLN 251.4 billion in imports. Compared to the same period of 2019, exports increased by 0.6 percent, while imports fell by 0.4 percent.
According to PIE, the economic crisis caused by Covid-19 will primarily affect consumer goods that are not necessities, mainly produced as part of global value chains.
"It is for these good demand that decreases the most during the recession. Polish automotive exports will undoubtedly be the most exposed to drops in foreign demand and both exports of vehicles and automotive parts and accessories. In 2019, its value amounted to €30.2 billion, which accounted for nearly 13 percent of exports of goods. In addition, foreign demand for consumer electronics (e.g. televisions, laptops, cell phones), household goods and furniture may also decrease," PIE stated.
