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 amounted to €701.8 billion, while exports were €680.0 billion. This shift signifies a departure from the first quarter, when exports exceeded imports by €6.7 billion. The reversal largely stemmed from imports rising at a much faster pace than exports during April through June.
During this period, EU imports increased by 9.9% from the previous quarter, adding €63.4 billion, while exports grew by 5.4%, contributing €34.9 billion. Both trade flows had seen declines from the second quarter of 2025, but that downward trend ended early in 2026. The latest figures indicate that although export growth was stronger, it was insufficient to offset the rise in goods entering the European Union.
A significant portion of the trade deficit was due to energy imports. The EU’s energy deficit 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. Other manufactured goods registered a €9.1 billion shortfall, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports contribute to expanding trade imbalance
Surpluses persisted in other product categories for the EU during the quarter. Chemicals maintained a €54.0 billion surplus, up from €47.1 billion in the first quarter, and food and drinks posted an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus in other goods decreased to €9.1 billion from €11.6 billion, indicating a broader weakening of the trade balance.
Although some monthly improvements appeared by the quarter’s end, the overall three-month trade balance remained negative. In June, the EU posted a €3.9 billion goods surplus after a May deficit. June exports reached €241.5 billion, with imports totaling €237.7 billion, based on non-seasonally adjusted data. For the period of January through June, the bloc recorded a €14.9 billion deficit, a significant decline from a €74.1 billion surplus during the same period last year.
Trade with the US and China continues to shape the EU’s goods balance
Trade activity with key partners remained prominent in June. EU exports to the United States hit €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China showed a different trend: exports of €18.8 billion and imports of €53.9 billion led to a €35.1 billion deficit.
Intra-EU trade reached €2.20 trillion during the first half of 2026, reflecting an increase of 5.7% compared to the same period last year. Eurostat indicated 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 aggregate figures. The second-quarter total signifies the EU’s first quarterly goods trade deficit since the April to June period of 2023.