LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026. This marks its first quarterly deficit since 2023, according to Eurostat. Imports from outside the bloc totaled €701.8 billion, while exports amounted to €680.0 billion. This is a change from the first quarter, when exports exceeded imports by €6.7 billion. The shift happened because imports grew much faster than exports between April and June.
EU import values increased by 9.9% from the previous quarter, adding €63.4 billion. Exports grew by 5.4%, rising €34.9 billion during the same period. Both trade flows had fallen since the second quarter of 2025, but that trend ended early in 2026. The latest figures show that despite stronger export growth, it wasn’t enough to offset the rise in goods entering the EU.
Energy made up the largest share of the trade deficit. The energy shortfall expanded to €101.1 billion from €71.3 billion in the first quarter. The raw-materials deficit also increased, reaching €9.4 billion from €7.9 billion. Other manufactured goods showed a €9.1 billion deficit. Meanwhile, the surplus in machinery and vehicles decreased to €23.2 billion.
Rising energy imports widen the trade shortfall
During the quarter, other product groups kept generating large surpluses for the EU. Chemicals recorded a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and drinks also posted an €11.5 billion surplus, compared to €10.7 billion earlier. However, the surplus for other goods fell to €9.1 billion from €11.6 billion, contributing to the overall worsening of the trade balance.
The monthly data showed some improvement toward the end of the quarter. The EU had a €3.9 billion goods surplus in June after a May deficit. In June, exports hit €241.5 billion, while imports totaled €237.7 billion, based on non-seasonally adjusted figures. From January to June, the EU recorded a €14.9 billion deficit, down from a €74.1 billion surplus in the same period last year.
Trade with the US and China remains crucial
Trade with key partners still played a major role in EU goods trade in June. Exports to the United States reached €45.7 billion, and imports from there totaled €34.5 billion. This resulted in an €11.2 billion monthly surplus with the US. Conversely, trade with China saw exports of €18.8 billion and imports of €53.9 billion, creating a €35.1 billion deficit.
During the first six months of 2026, intra-EU trade reached €2.20 trillion, an increase of 5.7% from the same period last year. Eurostat provided the trade data, which member states supplied. The agency adjusts the data for calendar and seasonal effects to produce comparable European totals. The second quarter’s total marks the EU’s first quarterly goods trade deficit since April–June 2023.