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 bloc reached €701.8 billion, while exports totaled €680.0 billion. This represented a shift from the first quarter, when exports exceeded imports by €6.7 billion, driven by imports growing at a much faster pace than exports during April to June.
EU import values increased by 9.9% from the previous quarter, adding €63.4 billion, while exports grew by 5.4%, gaining €34.9 billion in the same period. Both trade flows had declined from the second quarter of 2025 but started to recover in early 2026. The latest figures reveal that although export growth was stronger, it was insufficient to offset the rise in goods entering the European Union.
The largest contributor to the EU trade deficit was energy, with the energy shortfall widening from €71.3 billion in the first quarter to €101.1 billion in the second. The raw-materials deficit also grew, reaching €9.4 billion compared to €7.9 billion previously. Other manufactured goods showed a €9.1 billion deficit, whereas the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports expand trade imbalance
During the quarter, other product categories continued generating substantial surpluses for the EU. Chemicals saw a €54.0 billion surplus, up from €47.1 billion in the first quarter, while food and drinks recorded an €11.5 billion surplus, slightly higher than the previous €10.7 billion. However, the surplus for other goods declined to €9.1 billion from €11.6 billion, reflecting a broader deterioration in the trade balance.
Although monthly data showed some improvement toward the end of the quarter, the overall three-month balance remained negative. In June, the EU posted a €3.9 billion goods surplus after recording a deficit in May, with exports at €241.5 billion and imports at €237.7 billion on a non-seasonally adjusted basis. For the first half of 2026, the bloc experienced 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 key
Trade with key partners continued to dominate the EU’s goods trade figures in June. Exports to the United States totaled €45.7 billion, while imports from the country amounted to €34.5 billion, resulting in an €11.2 billion monthly surplus with the US. Conversely, trade with China was in deficit, with €18.8 billion of exports and €53.9 billion of imports, leading to a €35.1 billion shortfall.
During the first half of 2026, intra-EU trade reached €2.20 trillion, an increase of 5.7% compared to the same period last year. Eurostat indicated that member states provided the trade data used for these latest figures, which is adjusted for calendar and seasonal effects to produce comparable European aggregates. The second-quarter total marks the EU’s first quarterly goods trade deficit since the period from April to June 2023.