Strong Euro coupled with a weak US dollar behind recent growth of exports

According to some analysts, the upturn in exports is mainly due to a favorable situation on the forex markets. For many months the exchange rate of the Euro has been growing against the US dollar, while the złoty has been losing value. Last year about 60.3% of all export transactions were settled in Euro, and 29.8% in US dollars. This means that over half of Polish companies are receiving more money for their goods, while the cost of raw materials and fuels, which are still settled in US dollars, is constantly decreasing. In 2002, only 28.5% of imports were settled in US dollars, while over half of them in Euro. According to data from the Main Statistical Office (GUS), over the first eight months of 2003, the value of goods sent abroad amounted to over $32.4 billion, while imports were estimated at close to $42.1 billion. This means that exports grew by 26%, while imports by 20.7% as compared to the same period in 2002. (Rzeczpospolita, p. A1, B1) M.M.