Another great year for UK-Polish trade
(Date: 2011-04-07)
According to official British trade statistics for 2010, the value of bilateral trade exceeded L9.8 billion (around 45 billion PLN). Poland exported to the UK products worth over L6 billion (nearly 30 billion PLN), while the value of British exports to Poland exceeded L3.8 billion (over 17 billion PLN). Poland continues to have a larger trade surplus with the UK than with any other trading partner.
Source: Office of National Statistics, Monthly Review of Trade Statistics, December 2010
The dynamic growth of Polish exports to the UK is clearly visible; from 1996 to 2010, its value grew ten-fold from L570m to L6.04 billion. The pace of growth became particularly dynamic after Poland’s accession to the EU.
Source: UK Trade Info, HMRC Overseas Trade Statistics
In 2010, the fastest growing categories of Polish exports to the UK were computers, automotive and pharmaceutical. Poland is rapidly becoming more and more significant trading partner for the UK, being now the UK’s 15th biggest import source (from 25th in 2005) and 17th largest export market (26th largest in 2005). Poland exports to the UK than to Russia or Brazil, and imports more from Poland than from any other BRIC country other than China. For Poland, the UK is the third-most important export market after Germany and France, and the eight-most important source of imports.
The bulk of Polish exports to the UK (cars, TVs, household appliances, pharmaceuticals and computers) are produced in Poland by multinational corporates. This shows the importance to the Polish economy of foreign direct investment (FDI). Home-grown exporters are more visible in the food and furniture sectors.
Source: UK Trade Info, HMRC Overseas Trade Statistics
According to the Polish inward investment agency, PAIiIZ, British firms have cumulatively invested $152 billion in Poland up to the end of 2010, placing the UK ninth among countries as a source of investment capital. British firms active on the Polish market have been profitable, and many (such as Tesco, GlaxoSmithKline, BP or Aviva), reinvest their profits in expanding their operations in Poland.
Yet comparing the structure of UK FDI in Poland (mainly very large corporate investment) with that from Germany or Italy, with a preponderance of SME investors, we can see that British entrepreneurs have not seen Poland as a good place to invest; for the owner-managed firm, doing business in Poland is overly complicated and time consuming. “If Poland wants to attract more FDI from small and medium-sized firms from the English-speaking world, it needs to lower the bureaucratic barriers to starting and growing businesses here,” said BPCC CEO, Martin Oxley.
* All statistical data are from the Office of National Statistics Monthly Review of Trade Statistics, December 2010, and UK Trade Info, HMRC Overseas Trade Statistics.
Media contacts:
Michael Dembinski
Head of Policy
British Polish Chamber of Commerce
Ul. Fabryczna 16/20
00-446 Warszawa
tel.: +48 22 320 01 05
http://www.bpcc.org.pl
Ewa Olszewska
PR Account Executive
Pełka Creatives/Pełka PR
Partner of BBN The Business Branding Network
ul. Bielska 29/2
02-394 Warszawa
tel.: (+48 22) 853 56 22 do 24
tel.: 662 231 832
www.epcreatives.pl
www.bbn-advertising.com