Poland’s balance of payments in March 2025

NBP data: In March 2025, the current account of the balance of payments posted a surplus in the services account (PLN 14.5bn) and deficits in the trade in goods account (PLN 7.9bn), the primary income account (PLN 10.4bn) and the secondary income account (PLN 2.1.bn).

Preliminary data on Poland’s balance of payments in March 2025, released on 14 May 2025, show a deficit of PLN 5.9bn on the country’s current account. In the corresponding month of 2024, the balance was positive and stood at PLN 5.6bn.

In March 2025, the downward trend in goods exports continued, while imports saw a renewed increase. According to preliminary data, the value of exports decreased by 1.5% on the corresponding month of 2024 and amounted to PLN 122.1bn. The value of imports, after a slight decrease in February 2025, increased by 5.9% compared to the previous year and amounted to PLN 130.1bn. The growth in imports is supported by the gradual improvement in the economic conditions in Poland. In turn, exports are negatively affected primarily by the deteriorating situation of the European automotive industry and increasing competition on European Union markets.

In March 2025, export growth was negatively affected in particular by a further decline in foreign sales of automotive parts and consumer durable goods. In most other categories, the scale of the declines in exports was smaller compared to previous months. In contrast, the upward trend in exports of agricultural products continued, driven by higher prices on international markets.

In March 2025, the largest increase in imports occurred in consumer goods, which was due to, among other things, a double-digit increase in the value of imported durable goods. After many months of declines, imports of supply goods also increased in March 2025. This was mainly due to a reversal of the downward trend in imports of iron and steel products. In addition, the upward trend strengthened in imports of capital goods.

Exports of services stood at PLN 37.8bn, up by PLN 2.7bn (i.e. 7.7%) on the corresponding month of 2024. Imports of services stood at PLN 23.3bn, having increased by PLN 2.0bn (i.e. 9.2%) on the March 2024 figure.

The balance of the primary income account was negative at PLN 10.4bn. Compared to the corresponding period of 2024, it deteriorated by PLN 5.1bn. The PLN 3.4bn increase in foreign direct investors’ income on their equity investment in Polish entities and lower income on direct payments (by more than PLN 1bn), compared to previous year, were the biggest contributors to the deepening of the negative balance of the primary income. Foreign direct investors’ income amounted to PLN 11.6bn in March 2025. The balance of the primary income account was also influenced by the payment of income on portfolio investment (PLN 1.7bn) and on other investment (PLN 2.4bn).