Compared to last year the deficit on the current account was reduced by USD 1 591mn to USD 9 978mn. This was due to reduction in the deficit on the trade balance by USD 1 155mn to USD 14 849mn. Exports increased by USD 2 115mn i.e. by 7.1 per cent, while imports increased by only USD 960mn i.e. by 2.1 per cent. Export-growth in 2000 was the result of the following:
External factors: the year 2000 saw the world economy pick up. The increase in global demand led to an expansion of world trade. The global increase in import demand caused demand for Polish export to rise as well.
Internal factors: the positive effects became apparent of export-oriented investment by foreign direct investors, the best example being the launch of the manufacture and export of diesel engines by the ISUZU companies. In addition, domestic demand growth weakened, compelling companies to seek sales markets abroad.
The growth in imports was primarily linked to the higher value of oil imports, a consequence of rising world oil prices.