Polish exports to Ukraine seen plunging 40pct, to Russia by 20pct in 2014
August 6, 2014
Poland's exports to Ukraine may fall by 40% in 2014, while exports to Russia could drop by 20%, deputy PM and Economy Minister Janusz Piechocinski said.
Poland's GDP growth may take a hit by 0.5-0.6 ppt in 2014 as a result of the crisis in Ukraine, deputy PM told PAP Polish news agency.
Consequently, Piechocinski wants to motion for establishing an anti-crisis team for economic relations with the post-Soviet eastern countries, he said.
Polish enterprises may suffer up to USD 200 million in losses related to embargo placed by Russia on imports of Polish goods, if the ban stays in place, Piechocinski said. If the ban is extended on other categories of foods, the losses may go up to "no less than USD 700 million," he added.
Poland's exports to Russia amounted to USD 10.8 billion in 2013, while those to Ukraine - to USD 5.72 billion.