LUXEMBOURG / RankWire.AI / – European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026, marking its first quarterly deficit since 2023, according to Eurostat. Imports from outside the bloc amounted to €701.8 billion, while exports stood at €680.0 billion. This shift represents a change from the first quarter when exports surpassed imports by €6.7 billion. The reversal was driven by imports increasing at a much faster rate than exports between April and June.
During the quarter, EU imports grew by 9.9% compared to the previous quarter, an increase of €63.4 billion. Exports rose by 5.4%, adding €34.9 billion over the same period. Both trade flows had experienced declines from the second quarter of 2025 before this trend reversed in early 2026. The latest figures indicate that although export growth was stronger, it was insufficient to offset the rise in goods imported into the European Union.
Energy imports contributed the largest portion to the trade deficit. The EU’s energy shortfall widened to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also increased, reaching €9.4 billion from €7.9 billion. The shortfall in other manufactured goods was €9.1 billion, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Rising energy imports drive widening trade imbalance
Other categories continued to generate notable surpluses for the EU during the quarter. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages recorded an €11.5 billion surplus, compared to €10.7 billion previously. However, the surplus for other goods decreased to €9.1 billion from €11.6 billion, contributing to the overall decline in the trade balance.
By the end of the quarter, monthly data showed some signs of improvement, although the overall three-month balance remained negative. In June, the EU posted a €3.9 billion goods surplus after a deficit in May. On a non-seasonally adjusted basis, exports in June reached €241.5 billion, with imports totaling €237.7 billion. For the period from January to June, the EU recorded a €14.9 billion deficit, a significant decline from a €74.1 billion surplus during the same months in the previous year.
Trade with the US and China remains crucial
Trade relations with key partners continued to shape the EU’s goods trade figures in June. EU exports to the United States reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China showed a deficit, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion shortfall.
Within the EU, intra-bloc trade amounted to €2.20 trillion in the first half of 2026, reflecting a 5.7% increase compared to the same period last year. Eurostat indicated that member states provided the trade data used in compiling these figures. The statistical 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 period of April to June 2023.