Polish billion trade deficit in the first two months of 2022

Poland has a trade deficit of one billion in January and February totaling 14 billion. This is what Central Statistical Office (GUS) informs.

Total Polish exports from the beginning of January to the end of February amounted to 226.6 billion PLN , while imports were at 240.8 billion v, according to GUS.

The largest Polish export markets during that period were Germany, France and the Czech Republic. On the import side, most goods and services were purchased in Germany, China and Russia.

Trade deficit in 202 was 2.8 billion PLN

Poland last year had a trade deficit of 2.8 billion zlotys. Exports were 1.323 billion zlotys, while imports were 1.320 zlotys.

Many macroeconomic parameters are bad

Besides the trade deficit, Poland’s economy is not good if you look at the inflation that keeps growing and especially after Russia’s invasion of the independent Ukraine.

Moreover the interest rates are also going up which makes it very difficult for borrowers in Poland. Especially when it comes to borrowers who have got a mortgage for their home with not fixed-interest rates.

The “only” thing that is in plus these months in Poland is the GDP that still is in a plus also when it comes to forecasts for Poland GDP in 2022. The exception for the growth of Poland’s GDP for this year has been lowered.

Not only when it comes to banks and other financial organisationer but even the National Bank of Poland has lowered Poland’s GDP for this year. The main reason is also Russia’s war against Ukraine.

The uncertainty that is caused by the war is also the main reason why it is very difficult to predict when inflation will stop growing etc. But a forecast believes the peak will be in a few months.

Source: GUS