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, according to Eurostat. Imports from outside the bloc totaled €701.8 billion, whereas exports reached €680.0 billion. This represented a reversal from the first quarter, when exports surpassed imports by €6.7 billion. The shift was driven by a much faster increase in imports than in exports during April through June.
Imports into the EU grew by 9.9% from the previous quarter, adding €63.4 billion to the total. Meanwhile, exports rose by 5.4%, gaining €34.9 billion over the same period. Both trade flows had declined since the second quarter of 2025 before this trend reversed early in 2026. The figures for the second quarter demonstrate that although export growth was stronger, it was insufficient to offset the rise in goods entering the European Union.
Energy imports represented the largest contributor to the widening trade deficit. The energy deficit grew from €71.3 billion in the first quarter to €101.1 billion in the second. The deficit in raw materials also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods resulted in a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Energy imports expand trade imbalance
Certain other product categories maintained notable surpluses during the quarter for the EU. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages recorded an €11.5 billion surplus, compared to €10.7 billion previously. However, the surplus in other goods declined to €9.1 billion from €11.6 billion, highlighting the overall deterioration in the trade balance.
End-of-quarter monthly data showed some positive movement, although the three-month period overall remained in deficit. In June, the EU registered a €3.9 billion goods surplus after a May deficit. Exports in June totaled €241.5 billion, while imports were €237.7 billion, based on non-seasonally adjusted figures. From January to June, the bloc posted a €14.9 billion deficit compared with a €74.1 billion surplus during the same period last year.
Trade with the US and China continues to dominate
Trade with key partners remained vital in June’s figures. EU exports to the United States amounted to €45.7 billion, with imports from the US reaching €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China saw €18.8 billion in exports against €53.9 billion in imports, creating a €35.1 billion deficit.
Intra-EU trade during the first half of 2026 reached €2.20 trillion, reflecting a 5.7% increase compared to the same period last year. Eurostat explained that member states provided the underlying trade data used to compile these latest figures. The data has been adjusted for calendar and seasonal effects to ensure comparability across Europe. The total for the second quarter marks the EU’s first quarterly goods trade deficit since the April to June period of 2023.