LUXEMBOURG / RankWire.AI / – The European Union experienced a goods trade shortfall of €21.8 billion during the second quarter of 2026, its first quarterly deficit since 2023, according to Eurostat. This shift occurred as imports from outside the bloc climbed to €701.8 billion, while exports amounted to €680.0 billion. Previously, in the first quarter, exports exceeded imports by €6.7 billion. The reversal was driven by imports growing at a much faster rate than exports in the April to June period.
EU import values increased by 9.9% from the prior quarter, adding €63.4 billion. Exports grew by 5.4%, totaling an additional €34.9 billion over the same span. Both import and export flows had declined from the second quarter of 2025, but that downward trend ended in early 2026. The second-quarter results reveal that despite stronger export growth, it was insufficient to offset the rising volume of goods entering the European Union.
The majority of the trade deficit was driven by energy-related imports. The EU’s energy deficit expanded to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods resulted in a €9.1 billion shortfall, whereas the surplus in machinery and vehicles narrowed to €23.2 billion.
Rising energy imports contribute to widening trade imbalance
Other sectors continued to generate significant surpluses during the quarter. Chemicals produced a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages accounted for an €11.5 billion surplus, compared to €10.7 billion previously. However, the surplus in other goods decreased to €9.1 billion from €11.6 billion, reflecting a broader decline in the overall trade balance.
Although some improvement was observed in monthly figures by the end of June, the three-month trade balance remained negative. In June, the EU posted a €3.9 billion goods surplus after a May deficit. June exports totaled €241.5 billion, while imports stood at €237.7 billion on a non-seasonally adjusted basis. From January to June, the bloc faced 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 a key factor
Trade activity with major partners still shapes the EU’s goods trade landscape in June. EU exports to the United States reached €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 deficit, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion shortfall.
Within the first half of 2026, intra-EU trade amounted to €2.20 trillion, marking a 5.7% rise compared to the same period last year. Eurostat explained that the trade data was based on information supplied by member states, which undergo adjustments for calendar and seasonal effects to produce comparable European aggregates. The second-quarter total results in the EU’s first quarterly goods trade deficit since the April to June period of 2023.