According to GUS, in the nine months to September 2008 growth in merchandise exports in euro terms was slower than a year before but higher than in the eight months to August. Imports grew faster than exports. As a result, Poland’s trade balance with most partners deteriorated. As last year, Poland had a positive balance in its trade with the EU, and negative balances with other partners.

Central Statistical Office (GUS): In the three quarters of 2008, Poland recorded a slower growth in trade in zloty terms compared to a year before. Growth in imports outpaced growth in exports, leading to the deterioration of the negative trade balance compared to January-September 2008. The share of consumer goods and intermediate goods in total imports increased slightly, the share of investment goods decreased. The terms of trade index for January-August deteriorated as a result of unfavourable price relations in trade with Central and Eastern European countries. (GUS, “Report on the Country’s Socio-Economic Situation, October 2008,” November 25, 2008, p. 4 and 5; www.stat.gov.pl)