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 represents a shift from the first quarter, where exports surpassed imports by €6.7 billion. The reversal was driven by a faster growth rate in imports compared to exports during April through June.
EU import values increased by 9.9% from the previous quarter, adding €63.4 billion. Meanwhile, exports grew by 5.4%, contributing an additional €34.9 billion during the same period. Both trade flows had previously declined from the second quarter of 2025 until early 2026, when that downward trend ended. The second-quarter data indicates that although export growth was stronger, it was insufficient to offset the rise in goods entering the European Union.
Energy was the main contributor to the EU trade deficit, with the energy shortfall widening to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods resulted in a €9.1 billion shortfall, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Widening energy imports deepen the trade imbalance
Despite the overall deficit, certain sectors continued to generate notable surpluses for the EU in the quarter. Chemicals posted a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages recorded an €11.5 billion surplus, compared with €10.7 billion previously. Conversely, the surplus for other goods declined to €9.1 billion from €11.6 billion, contributing to the overall trade balance deterioration.
End-of-quarter monthly data showed some positive signs, although the three-month total remained in deficit. In June, the EU posted a €3.9 billion trade surplus after recording a deficit in May. June exports amounted to €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. For the first half of 2026, the EU reported a €14.9 billion deficit, a significant change from a €74.1 billion surplus during the same period last year.
Trade with the US and China continues to shape EU’s trade dynamics
Trade relations with key partners remained vital for the EU’s goods trade in June. Exports to the United States hit €45.7 billion, while imports from the country totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China saw €18.8 billion in exports and €53.9 billion in imports, creating a €35.1 billion deficit.
Within the first half of 2026, intra-EU trade reached €2.20 trillion, reflecting a 5.7% rise compared to the same period last year. Eurostat stated that member states provided the trade data used to compile these figures. Adjustments for calendar and seasonal effects are applied to ensure comparability across European data. The second-quarter results indicate that the EU is experiencing its first quarterly goods trade deficit since the period of April to June 2023.