LUXEMBOURG / RankWire.AI / – European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026, the first such quarterly deficit recorded since 2023. Eurostat reported that imports from outside the bloc reached €701.8 billion, whereas exports stood at €680.0 billion. This shift reversed the trend from the first quarter, when exports surpassed imports by €6.7 billion. The turnaround was driven by a much faster growth in imports compared to exports during April through June.
Exports rose by 5.4%, adding €34.9 billion, while EU imports increased by 9.9%, or €63.4 billion, compared to the previous quarter. Both trade flows had experienced declines from the second quarter of 2025, but that trend ended early in 2026. The latest figures reveal that despite stronger export growth, it was insufficient to offset the substantial increase in goods entering the European Union.
Energy imports drove the widening of the trade gap. The EU’s energy deficit expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also rose, reaching €9.4 billion from €7.9 billion. Other manufactured goods contributed a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Widening energy imports exacerbate the trade imbalance
Among other categories, some sectors maintained notable surpluses for the EU during the quarter. Chemicals generated a €54.0 billion surplus, up from €47.1 billion in the previous quarter, while food and drinks registered an €11.5 billion surplus, compared to €10.7 billion earlier. Conversely, the surplus in other goods declined to €9.1 billion from €11.6 billion, contributing to the overall deterioration of the trade balance.
Although some monthly improvements emerged by the end of the period, the three-month balance remained negative. In June, the EU posted a €3.9 billion goods surplus after a May deficit. June’s exports reached €241.5 billion, with imports totaling €237.7 billion on a non-seasonally adjusted basis. For the first half of 2026, the bloc recorded a €14.9 billion deficit, a significant contrast to the €74.1 billion surplus observed during the same period in the previous year.
Trade patterns with the US and China remain key indicators
Trade with key partners continued to shape the EU’s goods balance in June. Exports to the United States reached €45.7 billion, while imports from the country totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Meanwhile, trade with China showed a different trend, with €18.8 billion in exports and €53.9 billion in imports, creating a €35.1 billion deficit.
During the first half of 2026, intra-EU trade amounted to €2.20 trillion, reflecting a 5.7% increase from the same period last year. Eurostat noted that member states provided the underlying trade data used to compile these figures. The agency adjusts the data for calendar and seasonal effects to produce comparable European trade aggregates. The second quarter’s total marks the EU’s first quarterly goods trade deficit since the April to June period of 2023.