LUXEMBOURG / RankWire.AI / – The European Union experienced 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 reached €701.8 billion, while exports stood at €680.0 billion. This shift from the first quarter, which saw a €6.7 billion trade surplus, was driven by imports growing at a significantly faster pace than exports between April and June.
During that period, EU imports increased by 9.9% from the previous quarter, adding €63.4 billion, whereas exports grew by 5.4%, contributing €34.9 billion. Both trade flows had previously declined since the second quarter of 2025, but this trend ended in early 2026. The latest figures reveal that the stronger export growth was insufficient to offset the surge in goods imported into the European Union.
The largest contributor to the EU trade deficit was energy, with the energy gap 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 showed a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Energy imports expand trade imbalance
Certain product groups continued to generate substantial surpluses for the EU during the quarter. Chemicals posted a €54.0 billion surplus, up from €47.1 billion in the first quarter, while food and drinks recorded an €11.5 billion surplus compared with €10.7 billion previously. However, the surplus for other goods fell to €9.1 billion from €11.6 billion, reflecting a broader decline in the trade balance.
Although monthly data indicated some recovery by the quarter’s end, the overall three-month balance remained negative. In June, the EU registered a €3.9 billion goods surplus after a May deficit, with exports reaching €241.5 billion and imports totaling €237.7 billion on a non-seasonally adjusted basis. For the first half of 2026, the EU’s trade recorded a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period last year.
US and China trade figures dominate
Trade relations with key partners remained central to the EU’s goods trade in June. Exports to the United States amounted to €45.7 billion, while imports from the US reached €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China showed a €18.8 billion export figure and €53.9 billion of imports, creating a €35.1 billion deficit.
During the first six months of 2026, intra-EU trade climbed 5.7% year-on-year to €2.20 trillion. Eurostat explained that member states provided the foundational trade data, which is adjusted for calendar and seasonal effects to produce comparable European figures. The second quarter’s total marks the EU’s first quarterly goods trade deficit since the April-June period of 2023.