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POLAND: Exports at Record High

On Monday, the National Bank of Poland published data regarding the current Polish trade balance. The export of goods grew by PLN 8 billion (11,9%) in comparison to the same period last year. A significant growth was recorded in the export of plastics, trucks, clothing and tobacco products. Similarly, the value of imported goods rose by PLN 9 billion (12,7%). This was caused by increased imports of crude oil and petroleum products, as well as the growing import of cars and passenger aircraft. Despite the high value of exports, the trade balance of goods was negative. On the other hand, the trade balance of services proved positive, amounting to PLN 7,3 billion.

Experts argue that the current trade balance of goods, despite being negative, is at a record high. They argue that the weakening of the economic situation in terms of trade is likely to improve in the upcoming months. However, this will be susceptible to factors, such as the current Lira currency crisis in Turkey. Still, the improving trade balance is a clear sign that Polish produce are increasingly present on foreign markets, and that Polish businesses are seeking development via foreign trade.