In March this year the current account of the balance of payments recorded a minus. The equivalent of PLN 993 million more flowed out of our country than it received – according to NBP data.
We have a positive balance on services (PLN 13.1 billion) and it is them, mainly transport and IT, that keep us in a relatively solid position and mainly thanks to them, the zloty is a strong currency. However, the balance of primary income (PLN 11.9 billion) was strongly negative, and the balance of trade in goods (PLN 2.1 billion) and secondary income (PLN 0.1 billion) was less painfully negative.
At this point the goods balance improved by as much as PLN 4.3 billion year on yearmainly thanks export growth by PLN 12.3 billion year on year up to PLN 139 billion, including to France and Ukraine. Imports also increased, but by only PLN 8 billion to PLN 141 billion. Taking both factors together, our deficit has shrunk significantly compared to the same month last year.
— Our research and NBP reports indicate the growing role of Poland as logistics hub for deliveries from China. China's share in the structure of Polish imports is growing, and the country currently ranks second behind Germany. According to data from the Central Statistical Office, in Q1 2026, imports from China accounted for 16%. total Polish imports have increased by 3.4 percentage points over the last two years. However, imports from Germany accounted for 19.6% in 1Q26. and compared to Q1 2024, it increased by 0.6 percentage points. – comments Leszek Kąsek, senior economist in the macroeconomic analysis office of ING Bank Śląski.
The balance of trade in services improved by PLN 0.4 billion year on year, i.e. revenues from services increased by PLN 1.7 billion and imports of services by PLN 1.3 billion.
Income of foreign investors
As we mentioned above, the greatest impact on the negative impact on foreign trade is the benefits derived by foreign investors from the operations of their companies in Poland.
“The balance of primary income was negative and amounted to PLN 11.9 billion. Compared to the same period in 2025, it increased by PLN 2.5 billion,” writes NBP in the report.
“They had the greatest impact on the deterioration of the negative balance of primary income income of foreign direct investors from their capital involvement in Polish entities. In March 2026 the income of foreign direct investors amounted to PLN 12.8 billion“, the bank said.
Read also: Outflow of money from Poland. Two things save us
The amount of the primary income balance was also influenced by the payments of income from portfolio investments (PLN 2.0 billion) and other investments (PLN 2.4 billion).
We benefit from high copper prices, but we lose from oil
“Higher prices translated into… increasing the value of copper and raw silver exports. A clear upward trend also continued in investment goods, which was mainly due to the further increase in foreign sales of computers. After two months of stagnation, exports of agricultural products also increased,” informs the National Bank of Poland.
The greatest impact on the increase in imports had the simultaneous increase in fuel prices and the increase in their stocks. Among other categories, the upward trend continued in the import of durable consumer goods, investment goods and passenger cars, NBP reported.
