Poland - Balance of payments



Measured in terms of commodity trade figures, negative balances have been the rule in Poland in the post–World War II period. In 1991, the collapse of exports to the Soviet Union dealt a sharp blow to overall export performance. The requirement to exchange by means of hard currency for Soviet raw materials and energy prevented a repeat of the 1990 trade surplus. Poland attracted approximately $50 billion of foreign direct investment between 1990 and 2000. Net official reserves have increased in recent years, due to large capital surpluses due to foreign direct investment and portfolio inflows.

The US Central Intelligence Agency (CIA) reports that in 2002 the purchasing power parity of Poland's exports was $32.4 billion while imports totaled $43.4 billion resulting in a trade deficit of $11 billion.

The International Monetary Fund (IMF) reports that in 2001 Poland had exports of goods totaling $41.7 billion and imports totaling $49.3 billion. The services credit totaled $9.75 billion and debit $8.95 billion. The following table summarizes Poland's balance of payments as reported by the IMF for 2001 in millions of US dollars.

Poland

Current Account -5,357
Balance on goods -7,660
Balance on services 804
Balance on income -1,390
Current transfers 2,889
Capital Account 75
Financial Account 3,172
Direct investment abroad 89
Direct investment in Poland 5,713
Portfolio investment assets 46
Portfolio investment liabilities 1,067
Other investment assets -4,071
Other investment liabilities 664
Net Errors and Omissions 1,682
Reserves and Related Items 428

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