LUXEMBOURG / RankWire.AI / – European Union experienced a goods trade shortfall of €21.8 billion in the second quarter of 2026, marking its first quarterly deficit since 2023. According to Eurostat, imports from outside the bloc totaled €701.8 billion, while exports amounted to €680.0 billion. This represented a shift from the first quarter, when exports surpassed imports by €6.7 billion. The reversal was driven by a much faster increase in imports compared to exports during April to June.
Imports into the EU rose by 9.9% from the previous quarter, equating to an increase of €63.4 billion. Exports grew by 5.4%, adding €34.9 billion in the same period. Both trade flows had declined from the second quarter of 2025, but that downward trend concluded early 2026. The latest figures reveal that although export growth was stronger, it was insufficient to offset the surge in imports entering the European Union.
Energy imports played the largest role in widening the EU trade deficit, with the energy shortfall increasing to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also expanded, reaching €9.4 billion compared to €7.9 billion previously. Other manufactured goods resulted in a €9.1 billion deficit, whereas the surplus in machinery and vehicles decreased to €23.2 billion.
Energy imports drive the widening trade imbalance
During the quarter, other product categories continued to generate notable surpluses for the EU. Chemical exports totaled €54.0 billion, up from €47.1 billion in the first quarter. Food and beverages maintained an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods declined to €9.1 billion from €11.6 billion, contributing to the overall decline in the trade balance.
Although monthly data showed some improvement toward the end of the quarter, the three-month average remained in deficit. In June, the EU posted a €3.9 billion goods surplus after recording a deficit in May. June’s exports reached €241.5 billion, while imports totaled €237.7 billion on a non-seasonally adjusted basis. For the January-June period, the EU recorded a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same timeframe last year.
Trade with the US and China remains significant
Trade relations with key partners continued to shape the EU’s goods trade profile in June. EU exports to the United States amounted to €45.7 billion, with imports from the US at €34.5 billion, resulting in an €11.2 billion surplus for the month. Conversely, trade with China saw a €35.1 billion deficit, with €18.8 billion in exports and €53.9 billion in imports.
During the first half of 2026, intra-EU trade totaled €2.20 trillion, representing a 5.7% increase compared to the same period in 2025. Eurostat indicated that member states provided the foundational trade data used in these calculations. The agency adjusts figures for calendar and seasonal effects to produce comparable European aggregates. The second-quarter results mark the first time since the April to June period of 2023 that the EU posted a quarterly goods trade deficit.