LUXEMBOURG / RankWire.AI / – The European Union reported a €21.8 billion goods trade shortfall in the second quarter of 2026, marking its first quarterly deficit since 2023. Imports from outside the bloc reached €701.8 billion, while exports totaled €680.0 billion, according to Eurostat. This represented a reversal from the first quarter, when exports exceeded imports by €6.7 billion. The shift was driven by a much faster increase in imports compared to exports during April through June.
EU imports rose by 9.9% from the previous quarter, increasing by €63.4 billion. Exports grew by 5.4%, adding €34.9 billion over the same period. Both trade flows had declined since the second quarter of 2025, but that trend ended early in 2026. The second-quarter data shows that although export growth was stronger, it was not enough to offset the increase in goods imported into the European Union.
Energy imports were the main contributor to the trade deficit. The EU’s energy gap widened to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods recorded a €9.1 billion shortfall, while the surplus in machinery and vehicles shrank to €23.2 billion.
Energy import surge widens the trade deficit
Various other product categories continued to generate substantial surpluses for the EU throughout the quarter. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the previous quarter. Food and beverages also posted an €11.5 billion surplus, compared to €10.7 billion earlier. Conversely, the surplus for other goods fell to €9.1 billion from €11.6 billion, reflecting a broader decline in the overall trade balance.
Although monthly figures showed some signs of improvement towards the end of the quarter, the three-month balance remained in deficit. In June, the EU recorded a €3.9 billion goods surplus after a May deficit. In 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 EU posted a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period last year.
Trade with the US and China remains pivotal
Trade relations with key partners continued to dominate the EU’s goods trade in June. EU exports to the United States amounted to €45.7 billion, and imports from the US reached €34.5 billion. This resulted in an €11.2 billion surplus with the United States for the month. Conversely, trade with China was in deficit, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion shortfall.
Intra-EU trade reached €2.20 trillion over the first half of 2026, marking a 5.7% increase compared to the same period last year. Eurostat indicated that member states provided the detailed trade data used to compile these figures. The agency adjusts the data for calendar and seasonal effects to produce comparable European aggregate figures. The second-quarter results indicate that the EU has experienced its first quarterly goods trade deficit since the April to June period of 2023.