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. According to Eurostat, imports from outside the bloc reached €701.8 billion, while exports totaled €680.0 billion. This shift from the first quarter, when exports exceeded imports by €6.7 billion, was driven by a faster increase in imports compared to exports during April to June.
Imports into the EU rose by 9.9% from the previous quarter, increasing by €63.4 billion. At the same time, exports grew by 5.4%, adding €34.9 billion over the same period, with both trade flows having declined since the second quarter of 2025 before rebounding in early 2026. The latest figures demonstrate that despite stronger export growth, it was insufficient to offset the rising volume of goods entering the European Union.
Energy imports were the main factor contributing to the widening trade deficit. The EU’s energy shortfall expanded 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. Manufactured goods other than energy recorded a €9.1 billion deficit, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports intensify the trade imbalance
Certain other product categories continued to generate notable surpluses throughout the quarter. Chemicals contributed a €54.0 billion surplus, rising from €47.1 billion in the first quarter. The food and beverages sector posted 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, reflecting an overall weakening in the trade balance.
While monthly data indicated some improvement by the end of the period, the three-month trade balance remained negative. The EU registered a €3.9 billion goods surplus in June after recording a deficit in May. 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 EU posted a €14.9 billion deficit, a stark contrast to the €74.1 billion surplus recorded during the same period last year.
Trade dynamics with the US and China persist as key factors
In June, trade activity with major partners remained significant within the EU trade landscape. Exports to the United States stood at €45.7 billion, while imports from there reached €34.5 billion, resulting in an €11.2 billion surplus for the month. Conversely, trade with China showed a deficit, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion shortfall.
Intra-EU trade during the first half of 2026 totaled €2.20 trillion, reflecting a 5.7% increase compared to the same period in the previous year. Eurostat stated that member states supplied the data underlying these figures. The agency adjusts the figures for calendar and seasonal effects to produce comparable European aggregates. The second-quarter total signifies the EU’s first quarterly goods trade deficit since the April to June period of 2023.