LUXEMBOURG / RankWire.AI / – European Union reported a goods trade deficit of €21.8 billion in the second quarter of 2026, marking its first quarterly shortfall since 2023. Imports from outside the bloc reached €701.8 billion, while exports totaled €680.0 billion, according to Eurostat. This shift from the first quarter, where exports surpassed imports by €6.7 billion, was driven by imports growing at a much faster rate than exports from April to June.
EU imports increased by 9.9% from the previous quarter, adding €63.4 billion. Exports grew by 5.4%, rising €34.9 billion over the same period. Both trade flows had declined during the second quarter of 2025 before stabilizing in early 2026. The latest figures reveal that although export growth strengthened, it was insufficient to offset the surge in goods imported into the European Union.
Energy imports primarily contributed to the widening trade deficit, with the energy gap expanding 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 Import Surge Widens Trade Shortfall
Some sectors continued to generate notable surpluses during the quarter. Chemicals posted a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages contributed an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods fell to €9.1 billion from €11.6 billion, reflecting overall trade balance deterioration.
Monthly data indicated slight improvements towards the end of June, though the three-month sum remained negative. The EU achieved a €3.9 billion goods surplus in June after posting 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 January–June period, the EU posted a €14.9 billion deficit, contrasting with a €74.1 billion surplus a year earlier.
Trade with the US and China Continues to Play Key Roles
Trade volumes with key partners remained substantial in June. EU exports to the United States reached €45.7 billion, while imports from the US were €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China saw €18.8 billion of exports and €53.9 billion of imports, creating a €35.1 billion deficit.
Intra-EU trade totaled €2.20 trillion during the first half of 2026, a 5.7% increase from the same period last year. Eurostat explained that member states provided the trade data used for these figures. The agency adjusts the data for calendar and seasonal effects to produce comparable European totals. The second-quarter results mark the first time since the April–June period of 2023 that the EU has experienced a quarterly goods trade deficit.