LUXEMBOURG / RankWire.AI / – The European Union experienced a goods trade shortfall of €21.8 billion 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 change from the previous quarter, when exports surpassed imports by €6.7 billion. The shift mainly resulted from a faster increase in imports compared to exports during April to June.
Imports into the EU grew by 9.9% from the previous quarter, an increase of €63.4 billion. Meanwhile, exports rose by 5.4%, adding €34.9 billion during the same period. Both trade flows had declined since the second quarter of 2025, but that trend ended early in 2026. The second quarter figures indicate that the stronger growth in exports was insufficient to offset the rapid rise in goods entering the European Union.
Energy imports constituted the largest portion of the trade deficit. The EU’s energy shortfall grew to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials increased to €9.4 billion from €7.9 billion. Other manufactured goods resulted in a €9.1 billion deficit, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Rising energy imports drive widening trade imbalance
Various other product categories continued to produce notable surpluses for the EU during the quarter. Chemicals generated 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 to €10.7 billion previously. Conversely, the surplus in other goods decreased to €9.1 billion from €11.6 billion, reflecting a broader decline in the overall trade balance.
By the end of the quarter, some monthly improvements were observed, although the three-month balance remained negative. In June, the EU recorded a €3.9 billion goods surplus after a deficit in May. June exports reached €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. The first half of 2026 showed a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period last year.
Trade with the US and China continues to be vital
Trade activity with key partners remained prominent in June. The EU exported €45.7 billion worth of goods to the United States, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China moved in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, creating a €35.1 billion deficit.
Intra-EU trade for the first six months of 2026 reached €2.20 trillion, marking a 5.7% increase compared to the same period last year. Eurostat explained that member states provided the fundamental trade data used for these figures. The agency adjusts the data for calendar and seasonal variations to produce comparable European aggregates. The total for the second quarter signifies the EU’s first quarterly goods trade deficit since the April to June period of 2023.