LUXEMBOURG / RankWire.AI / – In the second quarter of 2026, the European Union experienced a goods trade shortfall of €21.8 billion, marking its first quarterly deficit since 2023, according to Eurostat. Imports from outside the bloc reached €701.8 billion, while exports were €680.0 billion. This was a significant shift from the first quarter, which saw exports surpass imports by €6.7 billion. The reversal was driven by a much faster increase in imports compared to exports during April to June.
During the quarter, EU imports grew by 9.9% from the previous period, adding €63.4 billion to the total. In contrast, exports increased by 5.4%, or €34.9 billion, over the same timeframe. Both trade figures had declined in the second quarter of 2025, but that downward trend concluded in early 2026. The latest data indicates that although exports grew more strongly, it was insufficient to counterbalance the surge in goods flowing into the European Union.
The largest contributor to the trade deficit was energy, with the 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 registered a €9.1 billion deficit, whereas the surplus in machinery and vehicles shrank to €23.2 billion.
Energy imports expand trade imbalance
Several other product categories continued to generate substantial surpluses for the EU during the period. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the previous quarter. Food and beverages showed an €11.5 billion surplus, compared to €10.7 billion earlier. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, reflecting broader negative trends in the trade balance.
By the end of the three-month span, some monthly improvements were observed, although the overall quarterly balance remained negative. In June, the EU posted a €3.9 billion goods surplus after a May deficit. On a non-seasonally adjusted basis, June exports reached €241.5 billion, with imports totaling €237.7 billion. For the first half of 2026, the bloc recorded a €14.9 billion deficit, a significant decline from a €74.1 billion surplus during the same period in 2025.
Trade patterns with the US and China persist as key factors
Trade activity with major partners continued to shape the EU’s goods landscape in June. The EU exported €45.7 billion worth of goods to the United States, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion monthly surplus with Washington. Conversely, trade with China was in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion deficit.
During the first half of 2026, intra-EU trade increased by 5.7%, reaching €2.20 trillion compared to the same period last year. Eurostat noted that member states supplied the essential trade data for the latest calculations. The agency adjusts the figures for seasonal and calendar effects to produce comparable European trade aggregates. The total for the second quarter marks the EU’s first quarterly goods trade deficit since April to June 2023.