Growth of exports as a precondition for reindustrialisation of the Polish economy
Growth of exports as a precondition for reindustrialisation of the Polish economy

Summary/Abstract: The paper focuses on issues related to foreign trade equilibrium and defines directions of industrial development that could boost Poland’s exports.Data showing the wider industry’s role in generating gross value added as well as exports and imports have been sourced from statistics published by Poland’s Central Statistical Office (GUS). The authors calculated the growth in exports and imports to determine the trend in foreign trade and Poland’s balance of trade.Between its accession of to the European Union and 2014, Poland’s balance of trade was persistently adverse. The deficit in foreign trade deteriorated in the first years of the economic crisis. Because of its excessive indebtedness and the need to service foreign debt Poland must intensify its exports. A favourable balance of trade can be achieved through the development of knowledge-based industries rather than through the hitherto reliance on cheap labour. Reindustrialisation of the Polish economy must take into account EU’s energy and climate policies and as well as its environmental regulations. These regulations demonstrate the need for environmental projects to reduce energy consumption and the use of environmental resources in a bid to preserve them for future generations.The paper focuses on issues related to foreign trade equilibrium and defines directions of industrial development that could boost Poland’s exports.Data showing the wider industry’s role in generating gross value added as well as exports and imports have been sourced from statistics published by Poland’s Central Statistical Office (GUS). The authors calculated the growth in exports and imports to determine the trend in foreign trade and Poland’s balance of trade. Between its accession of to the European Union and 2014, Poland’s balance of trade was persistently adverse. The deficit in foreign trade deteriorated in the first years of the economic crisis. Because of its excessive indebtedness and the need to service foreign debt Poland must intensify its exports. A favourable balance of trade can be achieved through the development of knowledge-based industries rather than through the hitherto reliance on cheap labour. Reindustrialisation of the Polish economy must take into account EU’s energy and climate policies and as well as its environmental regulations. These regulations demonstrate the need for environmental projects to reduce energy consumption and the use of environmental resources in a bid to preserve them for future generations.

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