Central Bank of Poland reports April 2025 current account deficit of PLN 1.6bn as services surplus is outweighed by goods and primary income deficits

The Central Bank of Poland published preliminary balance of payments data showing Poland’s current account recorded a deficit of PLN 1.6bn in April 2025, compared with a surplus of PLN 4.0bn a year earlier. The services account posted a surplus of PLN 14.9bn and the secondary income account a slight surplus, while deficits persisted in trade in goods (PLN 4.0bn) and primary income (PLN 12.5bn). Goods exports fell 3.2% year on year to PLN 119.8bn, while goods imports rose 2.7% to PLN 123.8bn, with imports growth attributed to a gradual recovery in the Polish economy and exports described as being affected by weakness in the European automotive industry and stronger competition in EU markets. Export values declined in five of six main categories, with supply goods and investment goods weighing most, alongside a relatively deep fall in durable consumer goods; imports growth was driven mainly by semi-durable and non-durable consumer goods and higher agricultural product imports, while imports of transport equipment, supply goods and fuels fell, partly reflecting an 11.0% year-on-year decline in prices of oil imported to Poland. In services, export receipts rose 4.2% to PLN 41.1bn and expenditure increased 7.7% to PLN 26.2bn. The primary income deficit improved by PLN 1.1bn year on year, mainly due to a PLN 1.5bn decline in foreign investors’ portfolio income, while direct investors’ income amounted to PLN 13.4bn.