Poland experienced a notable decline in foreign trade in the first four months of 2024 compared to the same period last year, according to the Central Statistical Office (GUS). Export value in Polish zloty decreased by 9.9%, reaching 505.6 billion PLN, while imports fell by 10.3% to 487.2 billion PLN.
Decreased Exports to Developed Countries
Exports to developed countries dropped by 10.7%, with a significant 12.2% decline to EU countries. Exports to developing countries decreased by 6.5%, and to Central and Eastern Europe by 0.6%. Notably, exports to Ukraine rose by 9.1%, whereas those to Russia plummeted by 31.4%.
Imports from Central and Eastern Europe saw a steep decline of 35.6%, driven by a 54.8% reduction in imports from Russia and a 25.8% drop from Ukraine. Imports from developing countries decreased by 11.0%, and from developed countries (including the EU) by 8.8%.
Volume and Pricing Trends
In the first quarter of 2024, export and import volumes increased by 3.6% and 1.0%, respectively. However, transaction prices for exports and imports fell by 14.9% and 13.3%, leading to an unfavorable terms of trade index of 98.2 compared to 107.6 the previous year. Trade conditions deteriorated notably with Central and Eastern Europe, with a terms of trade index dropping to 75.9 from 128.0.