Poland’s trade balance in the third quarter of 2023 improved by EUR 25 billion compared to the same period in 2022. The share of food and grocery exports increased to over 11 %, reported the Polish Economic Institute (PIE).

“The value of exports in Q3 2023 was 3 % higher year-on-year. The largest increases in the share of the value of Polish exports compared to Q3 2019, the last period before the pandemic, were recorded in the commodity groups electrical appliances and foodstuffs. The share of each of these in Polish exports increased by more than 1 %.

Among the 10 countries where the value of Polish exports was above €1 billion in the three quarters of 2023, the value of exports since 2019 has at least doubled in four: Mexico (3.4-fold increase to almost €2 billion), Turkey and India (2.4-fold increase to €3.4 billion and €1.2 billion respectively), Ukraine (2.2-fold increase to €8.1 billion).

The most important commodity group in Polish exports is automotive vehicles, which is still bouncing back after the pandemic. This group recorded the highest year-on-year growth, but the share of this category fell by 0.5 % compared to 2019. The largest five-year declines were recorded in the groups of computers, electronic and optical products (by 1 % point to 7 %) and furniture (by 0.8 % points to just under 4 %).

What is notable about imports over the five-year horizon is the increase in the value of raw material imports – including a 16-fold increase in the value of coal imports from Colombia, a four-fold increase in the value of oil imports from Saudi Arabia, a 14-fold increase in oil from Norway and a 0 to 2 billion euro increase in the value of gas imports from Denmark.

Experts also noted a threefold increase in the value of imports from Bulgaria to date – primarily due to defence imports worth more than €580 million.

Arkadiusz Słomczyński