Poland's foreign trade turnover declines in Jan-June 2024

Poland's foreign trade turnover in the first half (H1) of 2024 witnessed a decline in both exports and imports, according to data from Statistics Poland. From January to June 2024, the value of exports at current prices amounted to Polish zloty (PLN) 752 billion (approximately $188.4 billion), marking a 10.2 per cent decrease compared to the same period in 2023. Imports, on the other hand, totalled PLN 732 billion (approximately $183.4 billion), down 9.1 per cent year-on-year.

Despite the overall decline in trade, Poland recorded a positive trade balance of PLN 20 billion ($5 billion), though this was lower than the PLN 31.7 billion ($7.4 billion) surplus seen in the same period last year. When expressed in euros, exports stood at €173.9 billion, with imports at €169.3 billion, resulting in a positive balance of €4.6 billion, compared to €6.8 billion in the first half of 2023.

The majority of Poland's trade was conducted with developed countries, which accounted for 86.4 per cent of exports and 66.6 per cent of imports. The European Union (EU) alone comprised 74 per cent of exports and 54.4 per cent of imports. However, trade with Central and Eastern Europe represented a smaller share, with 5.1 per cent of exports and 2.1 per cent of imports, slightly higher than in the same period of 2023, as per Statistics Poland.

The data also highlighted a negative trade balance with developing countries, amounting to PLN 165.6 billion. Conversely, Poland maintained a positive trade balance with developed countries at PLN 162.7 billion, of which PLN 158.3 billion was with EU countries. Trade with Central and Eastern Europe also contributed positively, with a balance of PLN 22.9 billion.

Among Poland's major trade partners, exports to most countries decreased compared to the first half of 2023, except for Ukraine and the UK, which saw increases of 4.6 per cent and 0.4 per cent, respectively. On the import side, only the US recorded an increase, with imports rising by 9.4 per cent.

Trade with Poland's top ten partners accounted for 66.3 per cent of total exports and 61.2 per cent of total imports. Germany remained Poland's largest trade partner, though its share in exports decreased by 1.3 percentage points to 26.9 per cent, and its share in imports slightly fell to 19.9 per cent. The trade balance with Germany stood at PLN 57 billion, down from PLN 75.2 billion in the first half of 2023.

Fibre2Fashion News Desk (DP)