LUXEMBOURG / RankWire.AI / – In the second quarter of 2026, European Union recorded a goods trade shortfall of €21.8 billion, marking its first quarterly deficit since 2023, according to Eurostat. Imports from outside the bloc rose to €701.8 billion, while exports amounted to €680.0 billion. This signified a shift from the first quarter, when exports outpaced imports by €6.7 billion. The reversal was driven by a much faster increase in imports compared to exports during April to June.
During this period, EU imports grew by 9.9% from the previous quarter, adding €63.4 billion. Exports increased by 5.4%, or €34.9 billion, over the same three months. Both import and export values had declined since the second quarter of 2025, but this downward trend ended early in 2026. The latest figures reveal that although export growth was stronger, it was insufficient to offset the surge in goods entering the EU.
Energy imports contributed the most to the widening trade deficit, with the energy shortfall expanding to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also increased to €9.4 billion from €7.9 billion. Additionally, other manufactured goods showed a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Rising energy imports deepen the trade imbalance
Despite the overall trade deficit, certain product categories continued to generate significant surpluses for the EU during the quarter. Chemicals produced a surplus of €54.0 billion, up from €47.1 billion in the first quarter. Food and drinks also contributed a €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 the broader downward trend in the trade balance.
By the end of June, some monthly data showed signs of improvement, even as the three-month overall remained negative. In June, the EU posted a €3.9 billion goods surplus after a May deficit. June exports totaled €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. For the first half of 2026, the bloc experienced a €14.9 billion deficit, compared to a €74.1 billion surplus during the same period in 2025.
Trade with the US and China remains a key factor
In June, trade relations with major partners continued to shape the EU’s trade landscape. Exports to the United States reached €45.7 billion, while imports from the country amounted to €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China showed a different trend, with exports totaling €18.8 billion and imports reaching €53.9 billion, creating a €35.1 billion deficit.
During the first half of 2026, intra-EU trade expanded by 5.7% from the same period last year, reaching €2.20 trillion. Eurostat indicated that the member states provided the underlying trade data used for these figures. The statistical office applies adjustments for calendar and seasonal effects when creating comparable European aggregates. The total for the second quarter marks the EU’s first quarterly goods trade deficit since the April to June period of 2023.