LUXEMBOURG / RankWire.AI / – The European Union experienced a goods trade shortfall of €21.8 billion 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, whereas exports amounted to €680.0 billion, according to Eurostat. This signified a turnaround from the first quarter when exports surpassed imports by €6.7 billion. The shift was driven by a much faster growth rate in imports compared to exports from April through June.
EU import values increased by 9.9% from the previous quarter, adding €63.4 billion to the total. Exports grew by 5.4%, rising by €34.9 billion over the same period. Both trade flows had experienced declines since the second quarter of 2025 before this trend reversed in early 2026. The figures for the second quarter reveal that, despite stronger export growth, it was insufficient to counterbalance the increased inflow of goods into the European Union.
Energy was the primary contributor to the widening trade deficit. The EU’s energy shortfall grew to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also expanded, reaching €9.4 billion from €7.9 billion. Other manufactured goods contributed a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Rising energy imports deepen trade imbalance
Certain other product categories continued to generate notable surpluses for the EU throughout the quarter. The chemical sector produced 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. However, the surplus for other goods dropped to €9.1 billion from €11.6 billion, reflecting a broader decline in the overall trade balance.
Although some monthly improvements appeared towards the end of the period, the three-month aggregate remained negative. In June, the EU recorded a €3.9 billion trade surplus after a deficit in May. June exports totaled €241.5 billion, with imports reaching €237.7 billion on a non-seasonally adjusted basis. For the first half of 2026, the EU posted a €14.9 billion trade deficit, compared to a €74.1 billion surplus during the same period last year.
Trade with the US and China remains influential
Trade activity with key partners persisted as a significant element of the EU’s goods trade in June. Exports to the United States amounted to €45.7 billion, while imports from the country totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China moved in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion deficit.
Within the EU, intra-bloc trade reached €2.20 trillion during the first half of 2026, representing a 5.7% increase from the same period in the previous year. Eurostat indicated that member states provided the foundational trade data for the latest statistics. Adjustments for calendar and seasonal effects were applied to ensure comparable European totals. The second-quarter data marks the first quarterly goods trade deficit for the EU since the April to June period of 2023.