LUXEMBOURG / RankWire.AI / – 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 EU stood at €701.8 billion, while exports amounted to €680.0 billion. This shift signaled a reversal from the first quarter, when exports outpaced imports by €6.7 billion. The primary driver was a much faster increase in imports compared to exports during April through June.
Imports into the EU grew by 9.9% from the previous quarter, adding €63.4 billion. Meanwhile, exports increased by 5.4%, corresponding to an additional €34.9 billion over the same period. Both trade flows had declined compared to the second quarter of 2025, but that downward trend ended early in 2026. The data indicates that while exports grew at a faster pace, it was insufficient to offset the rise in goods imported into the European Union.
Energy imports contributed most significantly to the trade deficit. The EU’s energy shortfall expanded 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, whereas the surplus in machinery and vehicles decreased to €23.2 billion.
Energy imports widen the trade gap
Surpluses continued to be generated by other product categories throughout the quarter. The chemical sector contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages posted an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods declined to €9.1 billion from €11.6 billion, reflecting the broader decline in the overall trade balance.
While monthly data showed some positive movement by the end of the period, the overall three-month balance remained negative. The EU recorded a €3.9 billion goods surplus in June, reversing the deficit seen in May. In June, exports totaled €241.5 billion, and imports were €237.7 billion on a non-seasonally adjusted basis. From January through June, the EU posted a €14.9 billion deficit, in contrast to a €74.1 billion surplus during the same period in 2025.
Trade with the US and China remains crucial
Trade relations with key partners continued to shape the EU’s trade figures in June. Exports to the United States reached €45.7 billion, with imports from the US at €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, creating a €35.1 billion deficit.
Intra-EU trade totaled €2.20 trillion in the first half of 2026, increasing by 5.7% compared to the same period last year. Eurostat stated that member states provided the underlying trade data used for the latest figures. The agency adjusts the data for calendar and seasonal effects to produce comparable European trade aggregates. The total for the second quarter marks the first quarterly goods trade deficit for the EU since the April to June period of 2023.