LUXEMBOURG / RankWire.AI / – The European Union announced a €21.8 billion goods trade shortfall during the second quarter of 2026, marking its first quarterly deficit since 2023. According to Eurostat, imports from outside the union hit €701.8 billion, while exports amounted to €680.0 billion. This shift reversed the first quarter, when exports surpassed imports by €6.7 billion. The shift was driven by imports growing at a much faster rate than exports in the April to June period.
EU import values increased by 9.9% from the previous quarter, equating to an additional €63.4 billion. Exports grew by 5.4%, adding €34.9 billion during the same timeframe. Both trade flows experienced declines from the second quarter of 2025, before the trend shifted at the start of 2026. The second-quarter figures reveal that although export growth was stronger, it was insufficient to offset the surge in goods entering the EU.
Energy imports contributed most significantly to the trade deficit. The energy shortfall widened 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 showed a €9.1 billion deficit, while the machinery and vehicles surplus shrank to €23.2 billion.
Energy import surge expands trade gap
Certain product categories continued to generate notable surpluses for the EU during the quarter. Chemicals produced a €54.0 billion surplus, an increase from €47.1 billion in the previous quarter. Food and beverages contributed 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, reflecting a broader downward trend in the trade balance.
End-of-quarter monthly data showed some improvement, although the three-month balance remained negative. In June, the EU registered 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 union recorded a €14.9 billion deficit, compared to a €74.1 billion surplus during the same period last year.
Trade with the US and China remains pivotal
Trade with key partners continued to play a vital role in the EU’s goods trade in June. Exports to the United States reached €45.7 billion, with imports from the country totaling €34.5 billion, resulting in an €11.2 billion surplus for that month. Conversely, trade with China moved in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, producing a €35.1 billion deficit.
Intra-EU trade amounted to €2.20 trillion during the first half of 2026, marking a 5.7% rise compared to the same period last year. Eurostat indicated that member states provided the underlying trade data used for the latest statistics. The agency adjusts figures for calendar and seasonal effects when compiling comparable European trade totals. The second-quarter results indicate the EU’s first quarterly goods deficit since the April to June span of 2023.