General aspects of Polish trading
Nowadays consumers are used to see in their local Polish malls and stores all sort of products from every corner of the world. Polish imports provide the country’s consumers with more options to choose from and help them manage their household budgets. International trade is very important for Poland as it promotes and encourages the economic growth, currency stability and contributes to an increased standard of living.
Just like all COMECON ex-member states, Poland was forced to reorient its trade after the renowned collapse from 1991. It managed to develop a series of commercial connections with EU members and by 1996 70% of its exchanges were with these countries. Poland also participated in the Central European Free Trade Agreement (CEFTA), which also included Hungary, the Czech Republic, Slovakia and Slovenia, and that offered the opportunity of a more facile and less bureaucratic set of trading exchanges between the above mentioned countries.
Rail, road, shipping and air travel are the transportations methods used in Poland. Due to its position in the Central Europe, Poland is a key country in terms of importing and exporting within the European Union. At this moment, the most important trading partner of Poland is its nearby neighbor Germany.
Exports from Poland
International trades provide Polish businesses with the opportunity to profit from an expanded market, rather than be limited to selling within the country’s own borders. There are many reasons why trade across Polish borders occurs, including lower production costs (Poland provides entrepreneurs with a qualified and less expensive labor force), specialized industries and a surplus of natural resources.
Polish exports reached an all-time peak of 15.145 Million EUR in October of 2013 and the low record of 2.499 Million EUR in January of 2000. In March 2014 the reported value of exports in Poland was of 14.168 Million EUR.
Approximately 80% of Polish exports go to Europe, with Germany as the dominant bilateral trading partner, due to the geographical proximity and strong economic links. Other important export partners for Poland are: Italy, France, UK and Czech Republic.
Machinery & equipment represent 37.8% of total Polish annual exports, intermediate manufactured goods account for 23.7%, while food and live animals represent a percentage of 7.6 of Poland’s exported goods.
Imports in Poland
Most Polish imports are not for direct consumer consumption, but capital goods needed for manufacturing and industrial retooling.
Poland imports machinery and transport equipment (38.8%), intermediate manufactured goods (21.0%), chemicals (15.0%), minerals, fuels, lubricants and related materials (12.6%) and also miscellaneous manufactured articles (9.0%). The country’smain import partners are European Union members (Germany, Italy, France), Russia and China.
Since Poland is a member of the European Union, as well as a founding member of the World Trade Organization, it applies the common external tariff set by the EU to goods from other countries.
When it comes to investment opportunities in Poland, entrepreneurs have many to choose from.The country is an attractive target on multiple sectors in terms of trade and investment. In 1991 the American Chamber of Commerce in Poland only counted seven members at the moment of its establishment reaching more than 3000 active members nowadays. Furthermore, due to its EU membership, economic potential, stable political system and the domestic market, Poland is viewed as one of the most promising and attractive regions for foreign investors.
Our experienced lawyers in Poland welcome all clients in need of legal advice and personalized consultancy regarding litigations and commercial law cases. Contact our Polish attorneys to help solve all legal matters!