LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026, its first quarterly deficit since 2023, according to Eurostat. Imports from outside the bloc reached €701.8 billion, while exports stood at €680.0 billion. This represented a shift from the first quarter, which saw exports surpass imports by €6.7 billion. The reversal was driven by a much faster growth in imports compared to exports during April to June.
Imports into the EU increased by 9.9% from the previous quarter, adding €63.4 billion. Meanwhile, exports grew by 5.4%, contributing an additional €34.9 billion over the same period. Both trade flows had declined from the second quarter of 2025 before this trend reversed early in 2026. The latest figures indicate that although exports grew at a faster rate, it was insufficient to counterbalance the surge in goods imported into the European Union.
Energy imports accounted for the largest share of the trade deficit. The energy shortfall widened to €101.1 billion from €71.3 billion in the first quarter. The deficit for raw materials also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods showed a €9.1 billion shortfall, while the surplus in machinery and vehicles contracted to €23.2 billion.
Energy imports contribute heavily to expanding trade imbalance
Several other product categories continued to generate notable surpluses for the EU during the quarter. The chemicals sector posted a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages also contributed an €11.5 billion surplus, compared with €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, reflecting a broader decline in the overall trade balance.
End-of-quarter monthly data showed some signs of recovery, though the three-month overall balance remained negative. In June, the EU recorded a €3.9 billion goods surplus after a May deficit. June’s exports totaled €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. From January to June, the bloc registered a €14.9 billion deficit, a sharp contrast to a €74.1 billion surplus in the same period last year.
Trade with the US and China remains crucial
Trade activity with key partners continued to be a major component of the EU’s goods trade profile in June. Exports to the United States reached €45.7 billion, with imports from there totaling €34.5 billion, resulting in an €11.2 billion surplus for the month. Conversely, trade with China showed a 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 increased by 5.7% year-on-year, reaching €2.20 trillion. Eurostat stated that member states provided the detailed trade data used for these latest figures. The agency also adjusts the data for calendar and seasonal effects to produce comparable European aggregate figures. The second-quarter results mark the first time since the April to June period of 2023 that the EU has recorded a quarterly goods trade deficit.