LUXEMBOURG / RankWire.AI / – The European Union registered a €21.8 billion shortfall in goods trade during the second quarter of 2026, marking its first quarterly deficit since 2023, according to Eurostat. Imports from outside the bloc soared to €701.8 billion, while 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 significantly faster than exports throughout April to June.
EU imports increased by 9.9% from the previous quarter, adding up to €63.4 billion, whereas exports grew by 5.4%, totaling an additional €34.9 billion in the same period. Both trade flows had experienced declines since the second quarter of 2025, but this downward trend ended at the beginning of 2026. The latest figures demonstrate that despite stronger export growth, it was not sufficient to offset the rapid increase in goods entering the European Union.
The largest contributor to the trade deficit was energy, with the EU’s energy shortfall widening to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods saw a deficit of €9.1 billion, while the surplus in machinery and vehicles contracted to €23.2 billion.
Energy imports expand trade imbalance
During the same period, other sectors continued to generate notable surpluses for the EU. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter, while food and beverages posted an €11.5 billion surplus, compared with €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, highlighting a broader worsening in the trade balance.
Although monthly data indicated some improvement toward the end of the quarter, the cumulative three-month balance remained negative. The EU experienced a €3.9 billion goods surplus in June after a deficit in May. In June, exports reached €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. For the period from January to June, the bloc recorded a €14.9 billion deficit, a stark contrast to a €74.1 billion surplus during the same period the previous year.
Trade with the US and China Continues to Influence EU Balance
Trade relations with key partners remained central to the EU’s goods trade in June. 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 for the first half of 2026 reached €2.20 trillion, marking a 5.7% increase compared to the same period last year. Eurostat indicated that member states provided the underlying trade data used for these latest figures. The agency adjusts the data for calendar and seasonal effects when compiling comparable European trade aggregates. The second-quarter results signify the EU’s first quarterly goods trade deficit since the April to June period of 2023.