According to Central Statistical Office (GUS) data, Polish exports rose by 4.8 percent over the first ten months of 2014 when compared to the same period last year.

Photo: sxc.hu

GUS reported that total exports to the end of October reached 136 billion euros while imports grew at a similar rate, leaving Poland’s trade deficit essentially unchanged at 1 billion euros.

In particular Polish exports to the EU noted large increases, expanding by 7.5 percent overall to reach 105 billion euros.

The fastest EU export growth was to Latvia, which bought 28 percent more Polish products than last year. Exports to Spain, Finland, Sweden and Belgium also grew by double digits.

However exports to Poland’s Eastern neighbours declined by 16 percent to 11 billion euros due to trade embargos and reduced purchasing power in Russia and Ukraine.

Exports to Russia fell by 13 percent, while those to Ukraine fell by 27 percent.

According to a forecast by the Credit Insurance Corporation Joint Stock Company (KUKE) Polish exports will rise by 6 percent in November and December, compared to the final two months of 2013.

KUKE also predicts that exports will still continue to rise at a fast pace in future, reaching an annual level of 175 billion euros in 2015. (sl/jb)

Source: Rzeczpospolita

