Article

Resilience of Polish export to the global slowdown

05.04.2024

In recent years, the global economy has faced a series of unprecedented challenges. The COVID-19 pandemic, the conflict in Ukraine, and the global economic downturn have put economies around the world to the test. Despite these difficulties, Polish export has shown surprising resilience.

Data from the Polish Economic Institute (PIE) for 2019-2023 indicate that Polish exports are quite resistant to global shocks. The annual growth in the value and volume of exports remained at the level of 1.4 percent, which is proof of the effective adaptation of Polish enterprises to changing conditions. Particularly noteworthy is the increase in exports to Germany, Poland’s largest trading partner, which increased by 1.7 percent in 2023, despite the fact that total German imports decreased by almost 10 percent year-on-year.

Growth in the technology segment

Exceptionally dynamic growth was observed in the segment of medium and high-tech goods, which proves that Poland is systematically increasing its technological capacity and the economic complexity of exports. Electric car batteries stand out in particular, with a 350 percent increase in sales, exceeding €12 billion between 2019 and 2023, and phones, which saw an increase of 49 percent, exceeding the value of €3.2 billion.

Car Parts & Accessories

Car parts and accessories remain the strongest element of Polish exports. The value of their exports in 2023 reached EUR 16.7 billion, which is a 4.8% share in total exports. PIE analysts point out that the sector has shown the ability to quickly recover from the Covid declines in 2020.

Analyzing the data of the Polish Economic Institute, it can be concluded that Polish export shows not only the ability to survive in difficult conditions, but also to continuous development and increase their competitiveness on the global market.

Source: „Polski eksport rośnie mimo spowolnienia gospodarczego” – Tygodnik Gospodarczy PIE, 14/2024, Polish Economic Institute