LUXEMBOURG / RankWire.AI / – In the European Union, the second quarter of 2026 marked its first quarterly goods trade deficit since 2023, totaling €21.8 billion, according to Eurostat. During this period, imports from outside the bloc reached €701.8 billion, while exports stood at €680.0 billion. This represented a reversal from the first quarter, where exports surpassed imports by €6.7 billion. The shift was driven by a much faster increase in imports compared to exports between April and June.
EU import values grew by 9.9% from the previous quarter, an increase of €63.4 billion. Meanwhile, exports expanded by 5.4%, adding €34.9 billion during the same timeframe. Both trade flows had experienced declines since the second quarter of 2025, but that trend ended at the start of 2026. The latest figures indicate that the stronger growth in exports was insufficient to offset the rise in goods imported into the European Union.
A significant portion of the EU’s trade deficit stemmed from energy imports. The energy deficit widened 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 contributed a €9.1 billion shortfall, while the surplus in machinery and vehicles narrowed to €23.2 billion.
Rising energy imports deepen the trade imbalance
During the quarter, other product categories continued to generate notable surpluses for the EU. Chemicals contributed a €54.0 billion surplus, up from €47.1 billion in the first quarter. Food and beverages posted an €11.5 billion surplus, compared with €10.7 billion previously. Conversely, the surplus for other goods decreased to €9.1 billion from €11.6 billion, reflecting a broader decline in the trade balance.
Monthly data showed some positive development toward the end of the quarter, but the three-month balance remained negative. In June, the EU recorded a €3.9 billion goods surplus after a deficit in May. June exports reached €241.5 billion, while imports were €237.7 billion on a non-seasonally adjusted basis. For the period from January to June, the EU posted a €14.9 billion deficit, compared to a €74.1 billion surplus during the same months in the previous year.
Trade with the US and China remains pivotal
Trade relations with key partners continued to significantly influence the EU’s goods trade figures in June. Exports to the United States amounted to €45.7 billion, while imports from the US reached €34.5 billion, resulting in an €11.2 billion monthly surplus. In contrast, trade with China showed a deficit, with €18.8 billion of exports and €53.9 billion of imports, creating a €35.1 billion shortfall.
Intra-EU trade reached €2.20 trillion over the first half of 2026, representing a 5.7% increase from the same period last year. Eurostat noted that member states provided the foundational trade data used in the latest analysis. The agency adjusts these figures to account for calendar and seasonal variations to produce comparable European aggregates. This second-quarter total results in the EU’s first quarterly goods trade deficit since the April to June period of 2023.