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Covid-19 economy export Poland News

Polish exports are reaching new highs

For years, export was the Achilles’ heel of Polish economy; now it is becoming its driving motor

editor: REMIX NEWS
author: Stanisław Koczot
via:

The value of Polish exports exceeded €22.53 billion in October. Such a fantastic result has never before been achieved. Moreover, exports are higher than imports by a staggering €2.25 billion.
This is very good news for the economy, as exports – alongside investments and internal consumption – is one of the main motors of economic growth.
It seems that Polish production companies have survived the period of greatest turbulence and have fiercely resumed production. The pandemic, which impaired supply chains from Europe to Asia, has shown how important geographical proximity actually is.
Poles have filled the void left by the Chinese and Koreans and have offered Western Europe products of equal quality, while delivering them more quickly and more efficiently. Just like in previous months, in October Poland has sent export hits abroad, including televisions, car engines, and electric batteries. Experts also seen plenty of room for growth as Polish factories have not yet reached their full capacity for production.
Polish goods are headed to where the market is largest and most receptive: Western Europe and Germany in particular. Poles have filled the places left by the Chinese and Koreans and have offered Western Europe products of no worse quality, while delivering them more quickly and more efficiently. According to data from the National Bank of Poland (NBP), another interesting phenomenon is developing. Polish exports are now reaching prospective and exceptionally attractive emerging markets at an increasingly faster rate.
These impressive results for Polish exports are also the consequence of its diversity, owing to which Poland is expanding beyond the rich but highly regulated Western markets and entering those territories which do not create such strong barriers.
It is important to remember that the success of Polish export has not developed out of thin air. This is the result of not only strong state and foreign investments, well-trained staff and business skills in dealing with difficult situations, but also government support thanks to which the majority of companies were able to survive the greatest period of collapse created by the pandemic.
The Polish currency also helped. Thanks to it, Poland’s products are more competitively priced to those produced in the West.
It is also unlikely that record Polish exports are not a seasonal phenomenon which will end once the pandemic is over. This has been a process which has been ongoing for several months and has been written into the structure of the Polish economy.
There is much that now points to Poland not giving up its position it has earned since the Covid-19 crisis broke out.