Central Bank of Poland reports July 2025 current account deficit of PLN 5.7bn despite PLN 14.0bn services surplus

The Central Bank of Poland published preliminary balance of payments data showing a current account deficit of PLN 5.7bn in July 2025, compared with a deficit of PLN 2.1bn in July 2024. A services surplus of PLN 14.0bn was outweighed by deficits in trade in goods (PLN 5.4bn), primary income (PLN 13.8bn) and secondary income (PLN 0.4bn). Goods exports rose 2.1% year on year to PLN 119.9bn, while imports increased 2.3% to PLN 125.3bn. Export growth was supported by re-export transactions, higher agricultural product prices and a gradual recovery in the automotive industry, while lower sales of durable consumer goods and supply goods, especially metals, continued to weigh. Import growth reflected higher purchases of goods intended for re-export and a sharp rise in passenger car imports, largely linked to deliveries from China, partly offset by lower fuel imports amid falling oil prices and weaker supply-goods deliveries due to low industrial activity. Services exports increased 3.1% to PLN 42.7bn and services imports rose 8.1% to PLN 28.8bn. The primary income deficit widened by PLN 2.6bn year on year, mainly due to a weaker foreign direct investment balance (down PLN 1.9bn), higher income of foreign portfolio investors in Polish entities (up PLN 1.4bn) and lower income of Polish direct investors (down PLN 0.4bn); foreign direct investors’ income totalled PLN 13.2bn and declared dividends were PLN 6.7bn.