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High prices drive up Poland’s trade deficit

Poland’s rising trade deficit is mainly caused by high prices, a government-sponsored think tank has said.

Poland’s trade deficit hit EUR 14.7 billion after September, the Central Statistical Office (GUS) reported on Thursday.

Marek Wasinski, an expert with the Polish Economic Institute (PIE), said in a comment to the GUS data that the growth of deficit would continue throughout the year but at a slower pace.

“After the first three quarters of last year, there was still a EUR 2 billion surplus, but since the end of last year, the growth of imports has been significantly higher than the growth of exports,” Wasinski said, adding that exports increased by 20 percent but imports surged by as much as 8 percentage points more from 2021.

“Imports have posted bigger changes as prices increased by 27 percent (year on year – PAP) in August, while (prices – PAP) of Polish exports went up by only 21 percent,” Wasinski argued.

Additionally, import volumes increased by 3.5 percent year on year between January and August 2022, which compares to a 1 percent increase in the case of exports in the same period, he added.

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