LUXEMBOURG / RankWire.AI / – In the second quarter of 2026, European Union experienced its first quarterly goods trade deficit since 2023, amounting to €21.8 billion, according to Eurostat. During this period, imports from outside the bloc reached €701.8 billion, while exports totaled €680.0 billion. This marked a reversal from the previous quarter when exports outpaced imports by €6.7 billion. The shift occurred because imports grew at a significantly faster pace than exports in April through June.
EU imports increased by 9.9% compared to the prior quarter, equivalent to an additional €63.4 billion. Meanwhile, exports rose by 5.4%, adding €34.9 billion over the same timeframe. Both trade flows had previously declined from the second quarter of 2025, but this trend ended in early 2026. The data from the second quarter indicates that although export growth was stronger, it was insufficient to offset the increased volume of goods entering the European Union.
The primary contributor to the trade deficit was energy, which saw its shortfall expand to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also grew, reaching €9.4 billion compared to €7.9 billion. Other manufactured goods generated a deficit of €9.1 billion, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Energy imports expand the trade shortfall
Despite the widening energy deficit, other product categories continued to generate substantial surpluses for the EU in the same quarter. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages also recorded an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, reflecting an overall weakening in the trade balance.
Although monthly data showed some improvement towards the end of the quarter, the overall three-month period remained in negative territory. In June, the EU posted a €3.9 billion goods surplus after a deficit in May. Exports in June amounted to €241.5 billion, with imports at €237.7 billion, based on non-seasonally adjusted figures. For the first half of 2026, the bloc recorded a €14.9 billion deficit, a stark contrast to the €74.1 billion surplus observed during the same period last year.
Trade with the US and China continues to be key
Trade relations with major partners remained central to the EU’s goods trade profile in June. The EU’s exports to the United States reached €45.7 billion, while imports from the country totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China saw €18.8 billion in exports and €53.9 billion in imports, leading to a €35.1 billion deficit.
Intra-EU trade summed up to €2.20 trillion during the first half of 2026, representing a 5.7% increase compared to the same period last year. Eurostat stated that the member states provided the underlying data used for these latest figures. The agency applies adjustments for calendar and seasonal effects to produce comparable European aggregates. The total for the second quarter marks the EU’s first quarterly goods trade deficit since the April to June period of 2023.