LUXEMBOURG / RankWire.AI / – In the second quarter of 2026, the European Union experienced its first goods trade deficit since 2023, amounting to €21.8 billion, according to Eurostat. Imports from outside the bloc hit €701.8 billion, while exports stood at €680.0 billion. This marked a departure from the first quarter, when exports outpaced imports by €6.7 billion. The shift was driven by imports rising at a significantly faster pace than exports during April to June.
During this period, EU imports increased by 9.9% from the previous quarter, adding €63.4 billion. Meanwhile, exports grew by 5.4%, an increase of €34.9 billion. Both trade flows had experienced declines since the second quarter of 2025, but this trend reversed in early 2026. The latest figures indicate that despite stronger export growth, it was insufficient to offset the surge in goods entering the European Union.
The energy sector was the primary contributor to the trade deficit. The EU’s energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods accounted for a €9.1 billion deficit, whereas the surplus in machinery and vehicles diminished to €23.2 billion.
Energy imports drive the widening trade imbalance
The EU’s trade balance in other sectors remained positive, with significant surpluses continuing in various product groups. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages also posted an €11.5 billion surplus, compared to €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, further impacting the overall trade balance.
Although monthly data showed some signs of recovery toward the end of the quarter, the three-month average still reflected a negative trade balance. June alone saw a €3.9 billion goods surplus after May’s deficit. Exports in June reached €241.5 billion, while imports totaled €237.7 billion, based on non-seasonally adjusted data. From January to June, the EU recorded a €14.9 billion deficit, starkly contrasting with a €74.1 billion surplus during the same period last year.
Trade with the US and China remains crucial
Trade dynamics with key partners continued to significantly influence the EU’s goods trade figures in June. EU exports to the United States totaled €45.7 billion, while imports from the country amounted to €34.5 billion, resulting in an €11.2 billion monthly surplus with the US. Conversely, trade with China showed a €18.8 billion export figure and €53.9 billion in imports, creating a €35.1 billion deficit.
Intra-EU trade for the first half of 2026 reached €2.20 trillion, an increase of 5.7% compared to the same period last year. Eurostat indicated that the underlying trade data was provided by member states. The agency adjusts the figures to account for calendar and seasonal variations to ensure comparability across Europe. The second-quarter results mark the EU’s first quarterly goods trade deficit since the April to June period of 2023.