Polish exports breaking records in October
23:42
In October, Poland exported goods worth almost €23 billion, i.e. over PLN 102 billion, and this is the best result in history.
The very good results of exports in October (3.7 percent y/y compared to 4.6 percent y/y in September) were supported by the same products as in previous months: car batteries and motors, TV sets, wireless communication devices, clothing and tobacco products.
Such a good result also had an impact on the balance of payments reading - it showed 14 consecutive monthly surpluses in October (€2.24 billion against €1.07 billion in September), and its value exceeded the market consensus set at €1.15 billion.
In turn, the 12-month balance of payments surplus reached 3.5 percent of GDP. According to PKO BP, such a result was recorded for the last time (according to the previously binding methodology) in the mid-1990s.
Due to the gradual opening of the battery factory in Jawor, this group of products will boost the dynamics of domestic exports also in the coming months.
Increasing production capacity in pro-export industries is an important factor supporting our forecast for maintaining the trade surplus (and the balance of payments) in the coming years.
