Trade deficit continues to grow, though export growth out pacing imports

Trade deficit continues to grow, though export growth out pacing imports According to the Central Statistical Office (GUS) Poland's trade deficit rose to $9.97 billion in the first seven months of the year from $9.93 billion for the same period last year. At the same time exports rose by 14.4% reaching $15.29 billion whereas imports rose only 8.9% to $25.17 billion. The biggest deficit was recorded in trade with more developed countries hitting $6.2 billion with the US and $4.6 billion with European Union countries (EU). Poland's major trading partner remains Germany, and the trade deficit with it is lower than last year. After seven months of this year 35.5% of Polish exports went to Germany. At the same time 24.1% of Polish imports were from there. On the other hand, Poland's trade deficit with Russia has doubled during that period. (Prawo i Gospodarka, page 4, Reuters)