WARSAW: Poland recorded a current account surplus of EUR 1.94 billion in March, versus EUR 1.24 billion surpluses expected and after EUR 225 million surplus in February 2015, according to central bank NBP figures released Friday.
The trade balance showed a surplus of EUR 674 million as export growth of 13.7% year on year to EUR 15.32 billion beat expectations for an 11.4% increase. Imports rose a milder 9.8% y/y to EUR 14.65 billion, versus 7.0% growth expected.
Exports growth was fueled by trade in goods from automotive and electronics industries, while imports decelerated due to the drop in the value of crude oil bought abroad, NBP said. Poland also sported a surplus on services of EUR 923 million.
For the first time in two years Poland recorded a primary income surplus, at EUR 525 million. That was mainly caused by EUR 1.7 billion inflows from the Common Agricultural Policy, the highest level since Poland’s accession to the EU in 2004.
