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. During this period, imports from outside the bloc reached €701.8 billion, while exports amounted to €680.0 billion, Eurostat reported. This represented a shift from the first quarter, when exports outpaced imports by €6.7 billion. The reversal was driven by imports rising at a much faster rate than exports from April to June.
EU imports increased by 9.9% compared to the previous quarter, adding €63.4 billion. Exports grew by 5.4%, which is an increase of €34.9 billion over the same timeframe. Both trade flows had been declining since the second quarter of 2025 before this trend reversed in early 2026. The latest figures indicate that although export growth was stronger, it was not sufficient to offset the surge in goods imported into the European Union.
Energy imports represented the largest portion of the EU trade deficit. The energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also widened, reaching €9.4 billion compared to €7.9 billion previously. Other manufactured goods resulted in a €9.1 billion deficit, whereas the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports drive the widening trade gap
Certain other categories continued to generate substantial surpluses for the EU during the quarter. Chemicals recorded 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 declined to €9.1 billion from €11.6 billion, reflecting a broader decline in the trade balance.
End-of-quarter monthly data showed some improvement, although the overall three-month balance remained negative. In June, the EU posted a €3.9 billion goods surplus after a deficit in May. June exports reached €241.5 billion, while imports totaled €237.7 billion on a non-seasonally adjusted basis. For the period from January to June, the bloc registered a €14.9 billion deficit, a notable contrast to a €74.1 billion surplus recorded in the same period last year.
Trade with the US and China remains key
Trade activity with leading partners continued to shape the EU’s goods trade in June. Exports to the United States totaled €45.7 billion, while imports from the US reached €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China saw exports of €18.8 billion and imports of €53.9 billion, producing a €35.1 billion deficit.
During the first half of 2026, intra-EU trade amounted to €2.20 trillion, reflecting a 5.7% increase compared to the same period in 2025. Eurostat explained that member states provided the fundamental trade data used for these figures. The agency adjusts this data for seasonal and calendar effects to generate comparable European aggregates. The second-quarter results mark the EU’s first quarterly goods trade deficit since the April to June period of 2023.