LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026, marking its first quarterly deficit since 2023. During this period, imports from outside the bloc reached €701.8 billion, while exports amounted to €680.0 billion, according to Eurostat. This shift reversed the trend from the first quarter, when exports surpassed imports by €6.7 billion. The main driver behind this change was a much faster growth in imports compared to exports between April and June.
EU imports grew by 9.9% from the previous quarter, an increase of €63.4 billion. Exports also increased by 5.4%, adding €34.9 billion during the same period. Both trade flows had declined since the second quarter of 2025 before this upward trend resumed in early 2026. The latest figures indicate that the higher export growth was insufficient to offset the rise in goods imported into the European Union.
Energy imports constituted the largest portion of the EU trade deficit. The energy gap widened to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit increased as well, reaching €9.4 billion from €7.9 billion. Other manufactured goods contributed a €9.1 billion deficit, whereas the surplus in machinery and vehicles shrank to €23.2 billion.
Energy imports expand trade imbalance
Certain other product categories continued to generate significant surpluses for the EU during the quarter. Chemicals posted a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages recorded an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus in other goods decreased to €9.1 billion from €11.6 billion, contributing further to the overall decline in the trade balance.
Some monthly improvements were observed by the end of the quarter, though the three-month balance remained in deficit. The EU registered a €3.9 billion goods surplus in June after a deficit in May. In June, exports reached €241.5 billion, while imports totaled €237.7 billion on a non-seasonally adjusted basis. From January to June, the bloc experienced a €14.9 billion deficit, contrasting with a €74.1 billion surplus recorded during the same period last year.
Trade with the US and China remains key
Trade with major partners continued to be a major component of the EU goods trade in June. Exports to the United States were €45.7 billion, while imports from the country reached €34.5 billion. This resulted in a monthly surplus of €11.2 billion with the US. Conversely, trade with China saw exports of €18.8 billion and imports totaling €53.9 billion, leading to a €35.1 billion deficit.
During the first half of 2026, intra-EU trade totaled €2.20 trillion, reflecting a 5.7% increase compared to the same period last year. Eurostat noted that member states provided the detailed trade data used to compile these figures. The agency adjusts the data for calendar and seasonal effects to produce comparable European summaries. The second-quarter results mark the EU’s first quarterly goods trade deficit since the April to June period of 2023.