LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion shortfall in its goods trade during the second quarter of 2026. This marked the first quarterly deficit since the same period in 2023. During this timeframe, imports from outside the EU reached €701.8 billion, while exports totaled €680.0 billion. The outcome reversed a €6.7 billion surplus recorded in the first quarter. Eurostat data revealed that import growth significantly outpaced export expansion between April and June. These figures indicate a notable shift in the EU’s goods trade balance.
Imports increased by 9.9% compared to the previous quarter, adding €63.4 billion to the total import value. Meanwhile, exports rose by 5.4%, or €34.9 billion, over the same three months. The disparity in the growth rates resulted in the quarterly trade balance moving into deficit. The largest contributor to this shortfall was energy products, with the EU energy deficit rising to €101.1 billion in the second quarter. This is a significant increase from €71.3 billion during the first three months of the year.
Additional categories also played a role in widening the goods deficit. The raw materials gap increased from €7.9 billion in the first quarter to €9.4 billion in the second. Other manufactured goods registered a €9.1 billion deficit. Machinery and vehicles remained in positive territory, but their surplus narrowed to €23.2 billion. Chemicals continued to generate the largest surplus among key product groups, rising from €47.1 billion in the previous quarter to €54.0 billion.
Energy deficit prompts quarterly trade reversal
Food and drinks maintained a trade surplus during the second quarter, amounting to €11.5 billion, up from €10.7 billion in the first quarter. Conversely, other goods saw a €9.1 billion surplus, down from €11.6 billion previously. These gains failed to offset the sharp energy trade deficit, leading the EU to end the quarter with imports exceeding exports by €21.8 billion. This marks the end of a series of quarterly goods surpluses that had persisted since 2023.
At month’s end, trade data showed a different picture. In June, the EU posted a €3.9 billion goods surplus, with exports reaching €241.5 billion and imports totaling €237.7 billion on a non-seasonally adjusted basis. However, for the first six months of 2026, the bloc recorded a €14.9 billion deficit, contrasting with a €74.1 billion surplus in the same period of 2025, according to Eurostat.
Trade relations with key partners influence overall trade balance
In June, the United States and China remained significant players in the EU’s external trade in goods. EU exports to the US reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion monthly surplus with that country. Conversely, trade with China generated a much larger deficit, with EU exports to China at €18.8 billion and imports at €53.9 billion, creating a monthly shortfall of €35.1 billion.
Trade among EU member states also grew during the first half of 2026. Intra-EU goods trade amounted to €2.20 trillion from January through June, marking a 5.7% increase compared to the same period last year. The trade data from individual member states underpin the overall European totals. The quarterly figures highlight how rising external imports influenced the EU’s overall goods trade balance during this period. The €21.8 billion second-quarter deficit represents the first quarterly goods trade shortfall since April through June 2023.