LUXEMBOURG / RankWire.AI / – European Union experienced a €21.8 billion shortfall in goods trade during the second quarter of 2026, marking its first quarterly deficit since 2023. According to Eurostat, imports from outside the bloc totaled €701.8 billion, while exports amounted to €680.0 billion. This represented a shift from the first quarter, when exports surpassed imports by €6.7 billion. The change was driven by a faster growth rate in imports compared to exports over the April to June period.
Imports into the EU increased by 9.9% from the previous quarter, adding €63.4 billion to the total. Exports rose by 5.4%, growing by €34.9 billion during the same timeframe. Both trade flows had experienced declines since the second quarter of 2025, with the recent figures indicating that the stronger export growth was insufficient to offset the rising volume of goods entering the European Union.
The biggest contributor to the trade deficit was energy. The EU’s energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods resulted in a €9.1 billion deficit, while the surplus in machinery and vehicles decreased to €23.2 billion.
Widening energy imports impact trade balance
Despite the overall downturn, some product groups continued to generate notable surpluses for the EU during this period. The chemical sector contributed a €54.0 billion surplus, an increase from €47.1 billion in the first quarter. Food and beverages also maintained an €11.5 billion surplus, up from €10.7 billion. Conversely, the surplus in other goods declined to €9.1 billion from €11.6 billion, indicating further deterioration in the broader trade balance.
Although monthly data showed some positive signs by quarter’s end, the three-month overall remained in deficit. In June, the EU recorded a €3.9 billion goods surplus after a May deficit. June exports reached €241.5 billion, with imports at €237.7 billion, on a non-seasonally adjusted basis. For the first half of 2026, the bloc’s goods trade balance registered 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. Exports to the United States reached €45.7 billion, while imports from the US stood at €34.5 billion. This resulted in an €11.2 billion surplus for the month. In contrast, trade with China moved negatively, with €18.8 billion in exports and €53.9 billion in imports, creating a €35.1 billion deficit.
During the first six months of 2026, intra-EU trade summed up to €2.20 trillion, reflecting a 5.7% increase compared to the same period last year. Eurostat noted that member states provided the underlying trade data used to compile these figures. The agency adjusts the data for seasonal and calendar effects to produce comparable European aggregates. The second-quarter total marks the EU’s first quarterly goods trade deficit since the April to June period of 2023.