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. During this period, imports from outside the bloc hit €701.8 billion, whereas exports reached €680.0 billion, according to Eurostat. This marked a reversal from the first quarter, which saw exports surpass imports by €6.7 billion. The shift was driven by imports growing at a much faster pace than exports from April to June.
Exports increased by 5.4%, adding €34.9 billion compared to the previous quarter, while EU imports rose by 9.9%, a jump of €63.4 billion. Both trade flows had declined since the second quarter of 2025 before this trend reversed early in 2026. The latest figures demonstrate that although exports grew more strongly, they were insufficient to counterbalance the surge in goods entering the EU during the same period.
Energy imports formed the largest share of the trade deficit. The energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also widened, reaching €9.4 billion from €7.9 billion. Meanwhile, other manufactured goods contributed a €9.1 billion deficit, and the surplus in machinery and vehicles decreased to €23.2 billion.
Energy imports drive the widening trade imbalance
Certain product categories maintained substantial surpluses for the EU during the quarter. Chemicals generated a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages also posted an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods fell to €9.1 billion from €11.6 billion, contributing to the overall decline in the trade balance.
Although monthly data indicated some progress toward the end of the quarter, the three-month balance remained negative. In June, the EU achieved a €3.9 billion goods surplus after a May deficit. June exports totaled €241.5 billion, with imports at €237.7 billion, based on non-seasonally adjusted figures. For the first half of 2026, the EU registered a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period in 2025.
Trade with the US and China continues to be key
Trade with major partners remained vital 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 moved in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, creating a €35.1 billion deficit.
Intra-EU trade totaled €2.20 trillion during the first half of 2026, reflecting a 5.7% increase compared to the same period last year. Eurostat noted that member states provided the foundational trade data used for these figures. The agency adjusts data for calendar and seasonal influences to produce comparable European totals. The second-quarter results mark the first quarterly goods trade deficit for the EU since the April to June period of 2023.