Ministry of Treasury
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http://www.msp.gov.pl/en/polish-economy/economic-news/6640,China-One-of-Poland039s-fastest-growing-expo
rt-markets.html
Wygenerowano: Sunday, 18 June 2017, 18:45
China: One of Poland's fastest
growing export markets
Published: 20.07.2015
Poland increased its exports to China by 257% in the last decade.
This figure may continue to grow, by some 11% annually in the
coming five years, according to forecasts prepared by Oxford
Economics analytical institute. Sales to China should therefore
grow faster than total exports, whose growth is expected to reach
5-6% annually in the coming years.
Imports from China to Poland will also be growing dynamically, but at a slower pace than exports.
Experts forecast that imports will grow by 9% annually in the coming years.
China is the world's biggest exporter. Last year it became Poland's second most important import
partner, moving ahead of Russia.
However, exports from Poland to China are still miniscule, not exceeding 2% of Poland's total
exports.
Demand for Polish goods grows in China
Meanwhile, demand for Polish products in China is substantial and it is constantly growing, both in
the consumer segment and in the segment of solutions for firms and institutions operating in the
public utility segment.
Last year Poland's exports to China grew by 5.6% and reached EUR 1.7 bln, stats office GUS data
show. Despite that growth, imports from China exceed exports by a factor of 10. Among the
globe's biggest economies, none has such a substantial trade deficit with China as Poland, a report
drafted jointly by bank HSBC and Grand Thornton auditing and consultancy firm indicated.
The increasing openness of Polish firms to cooperation with foreign partners and an increased
appetite of Chinese consumers for imported goods give ground for some optimism, however. China
may become one of the fastest growing destinations for Polish exports.
Also other Asian economies such as Vietnam, India or Korea will become increasingly important
targets for Polish producers thanks to dynamic growth in these countries, the authors of the report
point out. The increase in exports to Far East countries will therefore be faster than exports growth
to Germany, The United Kingdom or France.
Source: HSBC and Grant Thornton report
According to the data from the International Monetary Fund (IMF), China has overtaken the United
States as the world's biggest economy as measured by the purchasing power parity GDP. The
Chinese economy will continue to grow dynamically, fuelled by consumption and investments,
experts believe.
Incomes of the Chinese will also be growing. By 2050 GDP per capita may grow from some USD
7.5k at the end of 2014 to almost USD 18k. The growth in revenues will support demand for
consumer goods and services.
Urbanization supports consumption growth in China
The ongoing process of urbanization will also have a positive impact on consumption growth, the
report indicates. It will require the development of transport and public services, as well as
ensuring access to basic commodities, such as fresh water.
"At present as many as 40% of Chinese rivers are seriously polluted and their waters are unfit for
human consumption," the authors of the report underline. "In order to change this situation,
Chinese authorities plan to invest USD 600 mln by 2020 in projects related to water purification
and river protection."
Urbanization will also create demand for apartments and furnishings, such as white goods,
furniture and elements of interior design, the authors of the report believe. In the frame of the New
Silk Road project, which consists in creating new maritime and land routes between China and the
European Union, investments will grow in railways, roads, ports and pipelines.
Food may become Poland's export hit on the Chinese market
But for Polish firms the most promising sector in terms of exports to China will be the food industry,
experts say. The consumption of foodstuffs in China is still at a much lower level than in Europe or
the United States, despite the overall level of consumed calories and protein having increased by
40% and 70% respectively since 1980.
"Along with the increase in affluence, an increasing number of Chinese consumers will want to
avail themselves of a broader palate of foodstuffs, including animal-derived products," the report
reads. China has limited capacity for raising livestock, also due to environmental reasons: hence a
big potential for Polish enterprises.
Some Polish exporters take advantage of China's potential already today. While in 2009 the value
of Polish food exports to China stood at some EUR 18 mln, last year this figure rose to EUR 170 mln,
accounting for 10% of total Polish exports to China.
The firms which want to enter the Chinese market should take into account, already at the
planning stage, that China is a vast country with provinces which themselves are larger than big
European countries. For instance, the Sichuan province is inhabited by 86 million people, the
Yunnan province has 46 mln inhabitants and the Guangzhou province - 60 mln.
Many foreign firms launch their activity at the level of selected provinces and only later expand to
other provinces, if the offer is received well.
Apart from global players, few firms decide to enter the entire Chinese market at once, also due to
the differences between particular regions. A product which sells well in the more affluent eastern
part of the country, need not be well received in the less developed western part.
Source - Polish Press Agency, Economic Service
Published by: Justyna Kania
Last change: 20.07.2015
Author: Public Relations Office
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