LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion deficit in goods trade during the second quarter of 2026. This marks the first quarterly deficit since the same period in 2023. Imports from outside the EU surged to €701.8 billion, while exports amounted to €680.0 billion. This shift reverses a €6.7 billion surplus recorded in the first quarter. According to Eurostat data, import growth outpaced exports substantially from April to June. These figures reflect a significant change 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 three months, exports rose by 5.4%, or €34.9 billion. The disparity in these growth rates contributed to the quarterly trade deficit. Among major goods categories, energy products had the largest shortfall. The EU energy deficit grew to €101.1 billion in the second quarter, up from €71.3 billion in the first three months of the year.
Various other sectors also played a role in widening the goods deficit. The raw materials deficit increased from €7.9 billion in the first quarter to €9.4 billion in the second. Other manufactured goods registered a €9.1 billion shortfall. Machinery and vehicles still recorded a surplus, but it decreased to €23.2 billion. Chemicals maintained the largest positive balance among key product groups, with their surplus rising from €47.1 billion to €54.0 billion over the previous quarter.
Energy Deficit Sparks Quarterly Trade Turnaround
During the second quarter, the EU’s food and drinks sector continued to generate a surplus of €11.5 billion, up from €10.7 billion in the first quarter. Conversely, other goods achieved a €9.1 billion surplus, down from €11.6 billion in the prior period. These improvements were not enough to offset the substantial energy trade deficit. As a result, the EU’s overall goods trade for the quarter ended with imports surpassing exports by €21.8 billion, breaking a streak of quarterly surpluses that had persisted since 2023.
Trade data for the month of June indicated a different scenario at quarter’s end, with the EU recording a €3.9 billion goods surplus. Exports in June reached €241.5 billion, while imports totaled €237.7 billion on a non-seasonally adjusted basis. Over the first six months of 2026, however, the bloc experienced a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period in 2025, as reported by Eurostat.
Trade Patterns with Major Partners Influence Overall EU Balance
In June, the United States and China remained key players in the EU’s external trade of goods. The bloc exported €45.7 billion worth of goods to the US, with imports totaling €34.5 billion, resulting in an €11.2 billion monthly surplus with that country. Conversely, trade with China generated a significant deficit, with EU exports reaching €18.8 billion and imports amounting to €53.9 billion. This produced a monthly shortfall of €35.1 billion.
Trade within the EU also expanded during the first half of 2026. Intra-EU goods trade reached €2.20 trillion from January to June, reflecting a 5.7% increase compared to the previous year. The national trade data from member states contributed to the European totals. The quarterly figures illustrate how heightened external imports affected the overall goods balance during this period. The €21.8 billion deficit in the second quarter remains the EU’s first quarterly goods trade shortfall since April through June 2023.