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. Eurostat reported that imports from outside the bloc reached €701.8 billion, whereas exports totaled €680.0 billion. This represented a shift from the first quarter, when exports outpaced imports by €6.7 billion. The reversal was driven by imports growing at a much faster pace than exports from April to June.
Exports rose by 5.4%, adding €34.9 billion, while EU imports increased by 9.9%, or €63.4 billion, from the previous quarter. Both trade flows had been declining since the second quarter of 2025, but that trend ended in early 2026. The latest figures indicate that export growth was not sufficient to offset the surge in imports into the European Union during this period.
Energy imports drove the trade deficit wider. The EU’s energy shortfall grew to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods resulted in a €9.1 billion deficit, while the surplus in machinery and vehicles shrank to €23.2 billion.
Rising energy imports expand the trade gap
Trade surpluses persisted in other sectors for the EU during the quarter. Chemicals generated a €54.0 billion surplus, up from €47.1 billion in the first quarter. The food and drinks sector recorded an €11.5 billion surplus, compared with €10.7 billion previously. Conversely, the surplus in other goods declined to €9.1 billion from €11.6 billion, contributing to the overall decline in the trade balance.
Monthly data showed some signs of recovery toward the end of the quarter, but the three-month total remained negative. In June, the EU posted a €3.9 billion trade surplus after a May deficit. June exports reached €241.5 billion, with imports at €237.7 billion, on a non-seasonally adjusted basis. From January to June, the EU recorded a €14.9 billion deficit, compared to a €74.1 billion surplus during the same period last year.
Trade with the US and China remains key to the EU’s trade landscape
In June, trade with major partners continued to shape the EU’s trade profile. Exports to the United States reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion surplus for that month. Trade with China showed the opposite pattern, with €18.8 billion in exports and €53.9 billion in imports, creating a €35.1 billion deficit.
Intra-EU trade during the first half of 2026 reached €2.20 trillion, an increase of 5.7% compared to the same period in 2025. Eurostat provided the underlying trade data used for these figures. The agency adjusts the data for calendar and seasonal effects when compiling comparable European totals. This second-quarter total marks the first quarterly goods trade deficit for the EU since the April to June period of 2023.