LUXEMBOURG / RankWire.AI / – The 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 amounted to €701.8 billion, while exports reached €680.0 billion, according to Eurostat. This shift represented a change from the first quarter, when exports exceeded imports by €6.7 billion. The reversal was driven by imports growing at a much faster rate than exports between April and June.
Imports into the EU increased by 9.9% compared to the previous quarter, adding €63.4 billion. Exports grew by 5.4%, rising by €34.9 billion over the same period. Both trade flows had experienced declines from the second quarter of 2025 before that downward trend ended early in 2026. The second-quarter data indicate that although exports grew more robustly, it was insufficient to offset the rising volume of goods imported into the European Union.
Energy imports played the largest role in widening the EU’s trade deficit. The energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit for raw materials also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods contributed a €9.1 billion deficit, while the surplus in machinery and vehicles contracted to €23.2 billion.
Increase in energy imports widens trade deficit
Several other product groups continued to generate significant surpluses during the quarter. Chemicals contributed 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 decreased to €9.1 billion from €11.6 billion, further worsening the overall trade balance.
Although monthly data showed some signs of recovery toward the end of the quarter, the three-month balance remained negative. In June, the EU achieved a €3.9 billion goods surplus after recording a deficit in May. 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 bloc recorded a €14.9 billion deficit, a sharp decline from a €74.1 billion surplus during the same period last year.
Trade with the US and China remains key
Trade relations with major partners continued to shape the EU’s goods trade figures in June. EU exports to the United States reached €45.7 billion, while imports from the US totaled €34.5 billion. This resulted in an €11.2 billion monthly surplus with the US. Conversely, trade with China moved in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion deficit.
Intra-EU trade volume reached €2.20 trillion during the first six months of 2026, reflecting a 5.7% increase from the same period last year. Eurostat stated that member states provided the underlying trade data used in these latest figures. The agency also adjusts the figures for calendar and seasonal effects to produce comparable European aggregate data. The total for the second quarter marks the EU’s first quarterly goods trade deficit since the period from April to June 2023.