LUXEMBOURG / RankWire.AI / – In the second quarter of 2026, the European Union experienced its first quarterly goods trade deficit since 2023, amounting to €21.8 billion, according to Eurostat. During this period, imports from outside the bloc totaled €701.8 billion, while exports reached €680.0 billion. This represents a shift from the first quarter, which saw exports surpass imports by €6.7 billion. The shift was driven by a notably faster rise in imports compared to exports from April to June.
Imports into the EU increased by 9.9% compared to the previous quarter, adding up to €63.4 billion. Meanwhile, exports grew by 5.4%, which is an increase of €34.9 billion over the same timeframe. Both import and export figures had fallen from the second quarter of 2025, but that downward trend ended in early 2026. The latest quarter’s data shows that despite stronger export growth, it was insufficient to offset the larger influx of goods into the European Union.
Energy was the primary contributor to the trade deficit. The EU’s energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit for raw materials also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods contributed a €9.1 billion shortfall, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports widen the trade gap
Trade balances for other key product categories remained positive during the quarter. Chemical products generated a surplus of €54.0 billion, up from €47.1 billion in the first quarter. The food and beverages sector recorded an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, indicating a broader decline in the overall trade balance.
Although monthly data showed some signs of recovery by the end of June, the three-month overall balance stayed negative. In June alone, the EU posted a €3.9 billion goods surplus after a May deficit. 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 recorded a €14.9 billion deficit, contrasting with a €74.1 billion surplus in the same period last year.
Trade with the US and China remains significant
Trade with key partners continued to influence the EU’s trade landscape in June. Exports to the United States reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in a monthly surplus of €11.2 billion. Conversely, trade with China showed a different trend, with €18.8 billion in exports and €53.9 billion in imports, which created a deficit of €35.1 billion.
Intra-EU trade for the first half of 2026 reached €2.20 trillion, reflecting a 5.7% increase from the same period last year. Eurostat stated that member states provided the underlying trade data used in the latest calculations. The agency adjusts the data for calendar and seasonal effects to ensure comparability across European figures. The total for the second quarter marks the EU’s first quarterly goods trade deficit since the period of April to June 2023.