Central Bank of Poland reports PLN 0.7bn current account deficit in January 2025 as imports rise 7.0% and exports fall 3.3%

The Central Bank of Poland (NBP) published preliminary balance of payments data showing a PLN 0.7bn current account deficit in January 2025, reversing a PLN 6.9bn surplus a year earlier. The result reflected a PLN 15.3bn surplus on services alongside deficits on trade in goods (PLN 6.4bn), primary income (PLN 6.6bn) and secondary income (PLN 3.0bn). Goods exports fell 3.3% year on year to PLN 115.8bn while imports rose 7.0% to PLN 122.2bn, the sharpest increase in two years, as the downward trend in exports and upward trend in imports intensified. The decline in exports was driven mainly by transport equipment, while higher international food prices supported agricultural exports; import growth was led by consumer goods and agricultural products, with higher fuel deliveries and a sharp decline in vehicle imports. Services exports increased 7.3% to PLN 39.3bn and services imports rose 7.2% to PLN 24.0bn; the primary income deficit improved by PLN 5.2bn year on year, reflecting higher NBP income on reserve assets and a surplus on remaining primary income, partly offset by foreign direct investors’ equity income of PLN 11.5bn and payments on portfolio (PLN 1.5bn) and other investment (PLN 2.4bn).