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, Eurostat reported. Imports from outside the bloc reached €701.8 billion, while exports totaled €680.0 billion. This represented a shift from the first quarter, which saw a €6.7 billion surplus in exports over imports. The reversal mainly resulted from imports growing significantly faster than exports between April and June.
During this period, EU imports increased by 9.9% from the previous quarter, adding €63.4 billion. Exports grew by 5.4%, or €34.9 billion. Both trade flows had previously declined since the second quarter of 2025, but this downward trend ended early in 2026. The latest figures indicate that despite stronger export growth, it was insufficient to offset the surge in goods imported into the European Union during the quarter.
The largest contributor to the trade deficit was energy. 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. Other manufactured goods posted a €9.1 billion deficit, whereas the surplus in machinery and vehicles contracted to €23.2 billion.
Energy imports drive the widening trade imbalance
Several other product categories continued to generate notable surpluses for the EU during the quarter. Chemicals had 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. Conversely, the surplus for other goods shrank to €9.1 billion from €11.6 billion, reflecting an overall decline in the trade balance.
Monthly data showed some recovery by quarter’s end, although the three-month period still registered a deficit. In June, the EU posted a €3.9 billion trade surplus after a May deficit. June exports amounted to €241.5 billion, while imports totaled €237.7 billion, based on non-seasonally adjusted figures. For the first half of 2026, the EU recorded a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period in 2025.
Trade with the US and China remains a core element
Trade activity with key partners continued to influence EU trade figures in June. The bloc’s exports to the United States reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion surplus for that month. Conversely, trade with China was in deficit, with €18.8 billion worth of exports and €53.9 billion of imports, creating a €35.1 billion shortfall.
Intra-EU trade during the first six months of 2026 reached €2.20 trillion, up 5.7% from the same period last year. Eurostat noted that member states provided the trade data used for these figures. The agency adjusts the data for calendar and seasonal effects to ensure comparability. The second quarter’s total marks the EU’s first quarterly goods trade deficit since the April-June period of 2023.