During the 8 months of this year, export has reached over EUR 147.7 billion and dropped by 5.6% in comparison to the preceding year. In contrast, imports decreased by 9.6% to EUR 141.4 billion. As a result, the trade balance significantly improved - while there was a deficit of about EUR 100 million in January-August 2019, after 8 months of this year the exchange surplus amounted to nearly EUR 6.3 billion.

Exports to the entire EU amounted to € 108.3 billion, 6.7% less than a year ago. Decreases were recorded in sales to most EU markets, including the Czech Republic by 8.8%, France by 10.1% and the Netherlands by 9.6%. The rate of decline in exports to our main partner's market, i.e. Germany, was 3.3% and occurred at half the rate as to the EU in general. A much deeper decline was seen on the imports side of the EU (by 11.8% down to €77.9 billion), allowing the EU trade surplus to further increase by more than €2.5 billion down to €30.5 billion.

The decrease in sales to other economically developed counties (outside of the EU) amounted to 6.5% (down to EUR 18.8 billion), including to Great Britain by approximately 10.4%, Norway by approximately 8.1% and Canada by over 32.5%. The key markets with an increase in sales include the USA (by 0.5%), Switzerland (by 10.5%) and Australia (by 29.5%). Imports from these markets decreased by 10.6% (to EUR 13.9 billion) and the positive exchange balance increased to EUR 4.9 billion.

Exports to the CIS countries have experienced a slight increase, i.e. by 0.4% (to EUR 9.7 billion). Within that group, the increase in exports was noted, among others, to Ukraine (by 3.3%), to Kazakhstan (by 51%) and Moldova (by 11.8%). However, these increases have been significantly reduced by the decrease in sales to Russia and Belarus, i.e. By 4.5% and 3%. A significant decrease in imports in this group of markets, amounting to 23.8% (down to EUR 9.9 billion), allowed to significantly reduce the turnover deficit - by PLN 3.1 billion, down to EUR 230 million.

In the case of the remaining, less developed markets (outside of the CIS), export increased by 3.8%, up to EUR 10.8 billion. Sales to China (by 16%), Turkey (by 10%) and Saudi Arabia (by about 67%) have increased significantly. In turn, a slight increase of imports (by 0.2%, to EUR 39.7 billion), has reduced the traditionally deep deficit with this group of countries - by approximately EUR 330 million, to approximately EUR 28.9 billion. 

Considering the substantive structure turnover, the decreases in exports have affected all of the key items in our trade, including: boilers, mechanical machinery and equipment and their parts and components by 6%, electrical machinery and equipment and their parts and components by 0.6% as well as furniture, linen, mattresses, lamps, etc. by approximately 11%. However, the deepest decline concerned exports of non-rail vehicles and their parts and accessories - by 23.7%.

In August alone - according to the Central Statistical Office (CSO) - exports of goods from Poland amounted to EUR 17.6 billion and were 4.4% lower than in August 2019. This is a slightly deeper decline in comparison to July (0.5%), but the reduction is significantly milder than in April and May, when it exceeded 20%. The situation on the markets of our main partners impacts the outcomes of Polish export. In August, industrial production in the EU in its entirety decreased by 6.2%, while in Germany it decreased down to 11.2%. A deeper decline occurred in August in imports to Poland - it amounted to 10.3% and reached the level of less than EUR 16.8 billion. These results translated into an improvement in the balance of EUR 1.1 billion in comparison to the previous year.

The current situation in the global economy within the context of the next wave of infections in many countries, and the consequent increase in overall uncertainty, may result in restricting the international activity of our companies in the months to come. On the other hand, recent PMI readings in the markets of our main partners bring some optimism. In the euro zone, its September value reached 53.7 points, compared to 51.7 points a month ago, and in Germany the index was 56.4 points, i.e. over 4 points more in comparison to the year prior.