In July, the balance of the current account of Poland was deeply negative and amounted to EUR -1.34 billion. In the same month of 2024, the balance of the current account was reached by EUR -1.12 billion -the National Bank of Poland said on Friday.
This result is much worse than forecasts, assuming about EUR 740 million under the line. It also means reversing the situation from the June, when – to the surprise of the market – the balance turned out to be positive around EUR 650 million.
The current account balance converted into our currency in July amounted to PLN -5.7 billion. Its value consisted of negative balances of primary income (PLN 13.8 billion), freight turnover (PLN 5.4 billion) and secondary income (PLN 0.4 billion) and a positive service balance (PLN 14.0 billion). In the same month 2024, the balance of the current account was also negative and amounted to PLN 2.1 billion.
“The total balance of the current and capital account in the analyzed month of 2025 was negative and amounted to PLN 0.6 billion, because the capital account recorded a surplus of PLN 5.1 billion” – reads the NBP commentary.
Calculated on the EU currency, the balance of freight turnover amounted to as much as EUR -1.27 billion, i.e. this result turned out to be much lower than in the surprisingly good June (+60 million euros in the plus) and was similar as in the same period of 2024 (EUR 1.3 billion under the line).
“According to preliminary data, in July 2025 there was both an increase in export and import. It was the third subsequent month of increasing the export of goods. In the discussed period The value of exports increased by 2.1 percent. compared to the same month of 2024 and amounted to PLN 119.9 billion. Value Imports, however, increased by 2.3 percent. compared to the previous year and amounted to PLN 125.3 billion” – pointed out the central bank.
Which affected the dynamics of export and import
According to the NBP, the increase in exports consisted of further increase in re -export transactions, as indicated by the continuation of the clear upward trend in the export of clothing, footwear and toys, as well as the increase in the prices of agricultural products. In addition, the gradually improving economic situation in the automotive industry had a positive impact on the results of exports.
In July 2025, large increases were recorded in the export of buses and passenger cars. At the same time, foreign sales of vans and road tractors also increased. However, a negative impact on export dynamics. A decrease in sales of permanent consumer goods and supply goods, especially metals – noted the central bank.
“In the discussed period, the import of goods intended for re -export, focused mainly in the category of semi -permanent consumer goods, grew the most. In July, the highest increase in the import of passenger cars in 2025 was also recorded. The supply of vehicles from China was largely increased in a large increase in imports” – noted the NBP.
According to the NBP, the persistent inheritance trend of oil prices, in turn, affected a further reduction in the value of imported fuels. The low activity of the national industrial sector also has an adverse effect on import, which was reflected in a further decrease in supply of supply goods – added the central bank.
A slight increase in the export of services
According to the announcement, revenues from the export of services amounted to PLN 42.7 billion and compared with the same month of 2024 increased by PLN 1.3 billion (i.e. by 3.1 %). The value of expenses amounted to PLN 28.8 billion and increased by PLN 2.2 billion (i.e. by 8.1 percent) compared to July 2024.
The NBP explained that the negative balance of primary income was influenced by a negative income balance of direct investments, which deepened by PLN 1.9 billion, had to deepen by PLN 2.6 billion (compared to the same period of 2024). This was due to the increase in foreign income of investors from direct investment in Polish entities (by PLN 1.4 billion), while the income of Polish direct investors dropped by PLN 0.4 billion. The income of foreign direct investors in July 2025 amounted to PLN 13.2 billion, with the declared dividends amounted to PLN 6.7 billion.
As the Central Bank explains, the payment balance is a list of all economic transactions between residents (national entities) and non -residents (foreign entities) in a given reporting period (month, quarter, year).
