FX.co ★ Poland’s Current Account Deficit Deepens in May

In May 2025, Poland experienced a significant increase in its current account deficit, reaching EUR 1,740 million, compared to a EUR 468 million deficit in the same month the previous year. This marked the 13th month in a row that the country reported a deficit. The trade gap in goods expanded to EUR 1,443 million from EUR 1,098 million in May 2024. This was primarily due to a rise in imports, which climbed to EUR 29,631 million from EUR 28,159 million, mainly fueled by deliveries of arms, consumer products, and agricultural goods. However, the impact of these imports was somewhat mitigated by falling oil prices due to global declines and a weakened dollar. Export activities rose to EUR 28,188 million, up from EUR 27,061 million, supported by strong performances in the toy, clothing, pharmaceutical, and bus sectors. Notably, the same categories seeing higher imports suggest the potential for some re-export activity. The primary income deficit grew to EUR 3,286 million from EUR 2,547 million, while the secondary income account revealed a deficit of EUR 264 million, a sharp rise from a EUR 27 million deficit the prior year. The services surplus recorded a slight increase, reaching EUR 3,253 million from EUR 3,204 million.