LUXEMBOURG / RankWire.AI / – European Union experienced a €21.8 billion deficit in goods trade during the second quarter of 2026, marking the first quarterly shortfall since the same period in 2023. Imports from outside the EU reached €701.8 billion, whereas exports totaled €680.0 billion. This development reversed a €6.7 billion surplus recorded in the first quarter. Eurostat data indicated that imports grew much faster than exports from April to June. These figures clearly signaled a shift in the EU’s goods trade balance.
Between the previous quarter and this one, imports increased by 9.9%, adding €63.4 billion to the total. Exports grew by 5.4%, or €34.9 billion, over the same period. The disparity in these growth rates pushed the quarterly trade balance into deficit. The largest shortfall among major goods categories was attributed to energy products, with the EU energy deficit rising to €101.1 billion in the second quarter, compared to €71.3 billion during the first three months of the year.
Additional categories also played a role in expanding the overall goods deficit. The raw materials deficit increased from €7.9 billion in the first quarter to €9.4 billion. Other manufactured goods posted a €9.1 billion shortfall, while machinery and vehicles remained in surplus, although that surplus diminished to €23.2 billion. Chemicals continued to generate the largest positive balance among key product groups, with their surplus growing from €47.1 billion to €54.0 billion in the previous quarter.
Energy shortfall triggers quarterly shift
During the second quarter, the EU’s food and drinks sector maintained a surplus of €11.5 billion, up from €10.7 billion in the first quarter. The category of other goods also recorded a €9.1 billion surplus, down from €11.6 billion earlier. Nonetheless, these gains could not compensate for the significant energy trade deficit. Consequently, the EU concluded the quarter with imports surpassing exports by €21.8 billion, ending a streak of quarterly goods surpluses that has persisted since 2023.
Trade data for the month of June revealed a different picture. The EU registered a €3.9 billion goods surplus with exports totaling €241.5 billion and imports reaching €237.7 billion on a non-seasonally adjusted basis. However, for the first six months of 2026, the bloc experienced 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 EU’s external trade with the United States and China remained significant. The bloc exported €45.7 billion worth of goods to the US, while imports from the US amounted to €34.5 billion, resulting in an €11.2 billion monthly surplus in trade with the US. Conversely, trade with China created a much larger deficit, with EU exports reaching €18.8 billion and imports hitting €53.9 billion, leading to a monthly shortfall of €35.1 billion.
Trade within the EU also saw growth during the first half of 2026. Intra-EU goods trade reached €2.20 trillion from January through June, an increase of 5.7% compared to the previous year. The trade data from member states underpins the European totals, illustrating how rising external imports affected the overall trade balance during this period. The €21.8 billion deficit in the second quarter stands out as the EU’s first quarterly goods trade shortfall since April–June 2023.