LUXEMBOURG / RankWire.AI / – European Union documented a €21.8 billion shortfall in its trade of goods during the second quarter of 2026, marking the first quarterly deficit since the same period in 2023. During this timeframe, imports from outside the EU hit €701.8 billion, while exports amounted to €680.0 billion. This outcome reversed a €6.7 billion surplus recorded in the first quarter. Data from Eurostat indicated that imports grew significantly faster than exports between April and June. The figures reflect a notable shift in the EU’s goods trade balance.
In the second quarter, imports increased by 9.9% from the previous quarter, adding €63.4 billion to the total import value. Exports rose by 5.4%, which is €34.9 billion, in the same period. The divergence in these growth rates resulted in the quarterly balance turning into a deficit. The energy sector contributed the most to the widening shortfall among key categories, with the EU energy deficit climbing to €101.1 billion in the second quarter from €71.3 billion in the first three months of the year.
Additional sectors also played a role in the broader goods deficit. The raw materials gap increased from €7.9 billion in Q1 to €9.4 billion. Meanwhile, other manufactured goods posted a deficit of €9.1 billion. Although machinery and vehicles still showed a surplus, that figure shrank to €23.2 billion. Chemicals continued to have the largest positive balance among main product groups, rising to €54.0 billion from €47.1 billion in the previous quarter.
Energy Shortfall Responsible for Quarterly Reversal
During the second quarter, food and beverages maintained a surplus, generating €11.5 billion compared to €10.7 billion in Q1. Conversely, other goods achieved a €9.1 billion surplus, down from €11.6 billion previously. These gains were insufficient to offset the significant energy trade deficit. Consequently, the European Union concluded the quarter with imports surpassing exports by €21.8 billion, ending a series of quarterly goods surpluses that had been ongoing since 2023.
Trade figures for the month of June revealed a different picture at quarter’s end, with the EU recording a €3.9 billion goods surplus. That month, exports reached €241.5 billion, while imports totaled €237.7 billion on a non-seasonally adjusted basis. However, for the first half of 2026, the bloc experienced a €14.9 billion deficit, contrasting sharply with a €74.1 billion surplus during the same period in 2025, according to Eurostat.
Major Trade Partners Significantly Influence the Overall Balance
In June, the United States and China remained prominent in the EU’s external trade. EU exports to the United States reached €45.7 billion, with imports totaling €34.5 billion, resulting in an €11.2 billion monthly surplus in goods trade with the U.S. In contrast, trade with China produced a considerably larger deficit; EU exports to China hit €18.8 billion, while imports from China rose to €53.9 billion, creating a monthly shortfall of €35.1 billion.
Trade among EU member states also saw growth 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 national trade data from member states contributed to these totals. The quarterly data show how increased external imports affected the overall goods balance during this timeframe. The €21.8 billion deficit in Q2 is the first since April through June 2023, highlighting a shift in the trade landscape.