The latest report released by Polands Central Statistical Office (GUS) shows that in January 2024, Polandsforeign tradedata indicates that both export and import volumes have declined compared to the same period last year, reflecting a reduction in Polands trade volume with the EU and other countries.

Specifically, in January 2024, Polands foreign trade exports amounted to PLN 121.9 billion, a 12% decrease year-on-year. Imports also dropped by 14.5% from last years PLN 115.7 billion, resulting in a trade surplus of PLN 6.2 billion. Exports to EU countries saw the largest decline, a particularly noteworthy figure as the EU has historically been Polands most important trading partner.

Data on Polands trade with its major partners also showed changes. For example, exports to Germany in January amounted to PLN 33.3 billion, a 17% decrease year-on-year, a significant drop. France, the Czech Republic, and the UK also experienced double-digit declines in trade volume, with the Czech Republic seeing the largest drop in orders at 23.4%.

However, there were some bright spots. For instance, imports from Ukraine to Poland increased by 11.8%. Additionally, imports from the Czech Republic, Norway, and Spain saw slight growth, rising by 1% and 3%, respectively.

Meanwhile, imports from the worlds two largest economies—China and the US—also declined. Imports from China fell by 18%, while imports from the US dropped even more sharply, by 21%. These figures reflect the pressure Poland faces from the global trade slowdown.

Analysts believe that the decline in Polands foreign trade is mainly due to factors such as the global economic slowdown, changes in trade policies, and geopolitical tensions. Additionally, domestic and international uncertainties and fluctuations in the Polish currency may also have impacted trade volumes.

For Poland, the current trade challenges are not just short-term issues but also involve long-term economic restructuring. Poland needs to identify new growth points and trading partners to mitigate the adverse effects of the current global trade environment and ensure stable economic growth.