LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion shortfall in its goods trade during the second quarter of 2026. This marked the first quarterly deficit for the bloc since the same period in 2023. Imports from outside the EU totaled €701.8 billion, while exports were at €680.0 billion. The deficit reversed a €6.7 billion surplus recorded in the first quarter. According to Eurostat data, imports grew significantly faster than exports from April to June. These figures clearly indicate a shift in the EU’s goods trade balance.
Imports increased by 9.9% compared to the previous quarter, adding €63.4 billion to the total import value. During the same period, exports grew by 5.4%, or €34.9 billion. This disparity in growth rates pushed the quarterly trade balance into a deficit. Energy products contributed most to the widening shortfall among key goods categories. The EU’s energy deficit rose to €101.1 billion in the second quarter, up from €71.3 billion in the first three months of the year.
Other sectors also played a role in expanding the overall goods deficit. The raw materials gap increased from €7.9 billion to €9.4 billion in the second quarter. Similarly, the deficit in other manufactured goods reached €9.1 billion. Machinery and vehicles remained in surplus, but that surplus narrowed to €23.2 billion. Chemicals continued to outperform other groups, with their surplus climbing from €47.1 billion to €54.0 billion in the same period.
Energy Shortfall Propels Quarterly Turnaround
Food and beverages maintained a surplus in the second quarter, producing €11.5 billion compared with €10.7 billion in the first quarter. Other goods also registered a €9.1 billion surplus, down from €11.6 billion previously. Nonetheless, these gains could not offset the substantial energy trade deficit. Consequently, the EU ended the quarter with imports surpassing exports by €21.8 billion. This marked the end of a streak of quarterly goods surpluses dating back to 2023.
Trade data for the month of June showed a different picture, with the EU recording a €3.9 billion goods surplus. During that month, exports totaled €241.5 billion, while imports reached €237.7 billion on a non-seasonally adjusted basis. Over the first half of 2026, however, the EU experienced a €14.9 billion deficit, contrasting sharply with a €74.1 billion surplus in the same period of 2025, according to Eurostat.
Key Trade Partners Influence the Overall Deficit
In June, the United States and China continued to dominate the EU’s external trade in goods. EU exports to the United States reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China resulted in a much larger deficit, with exports of €18.8 billion and imports of €53.9 billion. This created a monthly shortfall of €35.1 billion.
Trade within the EU also grew in the first half of 2026. Intra-EU commerce reached €2.20 trillion from January to June, reflecting a 5.7% increase compared to the previous year. The data used to compile these figures come from member states’ national reports. The quarterly data reveal how rising external imports influenced the EU’s overall goods balance during this period. The €21.8 billion second-quarter deficit remains the first quarterly goods shortfall for the EU since April through June 2023.