CA Deficit Decreases as Gas Supply Suspended & Ukraine Exports Increase

POLAND MAY CA BALANCE -1909M EUR (FCST -3513M); APR -3476Mr EUR
POLAND MAY TRADE BALANCE -1222M EUR (FCST -2673M); APR -2620Mr EUR
POLAND MAY IMPORTS LOWER AT 29326M EUR; APR 29468Mr EUR; EXPORTS LOWER AT 28104M EUR; APR 29848Mr EUR

• Poland's current account deficit narrowed by EUR 1567mln to EUR -1909mln in May, beating forecasts however remaining substantially lower than the small surplus of EUR 129mln seen in May 2021.
• Imports were lower than the previous month by a marginal EUR 142mln, whilst exports came in a more substantial EUR 1744mln lower than April. Compared to May 2021, imports expanded by 39.4% and exports by 29.7%. Substantially higher transaction prices accounted for the bulk of this increase, with fuels and food prices highlighted as key upwards pressures.
• The fall in the current account deficit was largely due to Russian gas suplies being suspended, some relief in commodity prices and increased exports to Ukraine.