LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026, marking its first quarterly deficit since 2023. Eurostat reported that imports from outside the bloc reached €701.8 billion, whereas exports amounted to €680.0 billion. This represented a shift from the first quarter, when exports outpaced imports by €6.7 billion. The reversal was driven by imports growing at a much faster pace than exports during April to June.
During this period, EU imports increased by 9.9% from the previous quarter, adding €63.4 billion. Exports grew by 5.4%, which contributed €34.9 billion over the same timeframe. Both trade flows had experienced declines since the second quarter of 2025, but that trend concluded in early 2026. The data indicates that although export growth was stronger, it was insufficient to offset the surge in goods imported into the European Union.
The energy sector primarily contributed to the widening trade deficit. The EU’s energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also grew, reaching €9.4 billion compared to €7.9 billion previously. Other manufactured goods resulted in a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Energy imports drive larger trade gap
Despite the widening deficit in energy, other product categories continued to generate significant surpluses for the EU during the quarter. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the previous quarter. Food and beverages posted 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, indicating a broader deterioration in the overall trade balance.
Although monthly figures suggested some recovery towards the end of the quarter, the three-month trade balance remained negative. In June, the EU recorded a €3.9 billion goods surplus after a deficit in May. The exports for June reached €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. For the January–June period, the EU posted a €14.9 billion deficit, in contrast to a €74.1 billion surplus from the previous year.
Trade with the US and China continues to dominate
Trade relations with key partners remained central in June’s EU goods landscape. EU exports to the United States totaled €45.7 billion, while imports from the US amounted to €34.5 billion. Consequently, there was an €11.2 billion surplus with the United States for that month. In contrast, trade with China saw €18.8 billion of exports and €53.9 billion of imports, resulting in a €35.1 billion deficit.
During the first half of 2026, intra-EU trade reached €2.20 trillion, reflecting a 5.7% increase compared to the same period last year. Eurostat indicated that member states provided the detailed trade data used for these latest figures. The agency adjusts the data for calendar and seasonal effects to produce comparable European aggregates. The total for the second quarter marks the EU’s first quarterly goods trade deficit since the April–June period of 2023.