LUXEMBOURG / RankWire.AI / – The European Union experienced its first quarterly goods trade deficit since the same period of 2023, amounting to €21.8 billion in the second quarter of 2026. This shift was primarily caused by a significant increase in imports from outside the EU, which totaled €701.8 billion, contrasted with exports of €680.0 billion. The deficit reversed a €6.7 billion surplus recorded in the first quarter. Eurostat data indicated that between April and June, imports expanded at a much faster pace than exports. These figures highlight a notable change in the EU’s goods trade balance.
During this period, imports grew by 9.9% from the previous quarter, adding €63.4 billion to the overall import figure. Meanwhile, exports increased by 5.4%, or €34.9 billion, over the same three months. The disparity in growth rates resulted in the quarterly trade balance shifting into deficit. Among major product categories, energy products contributed the most to the widening shortfall, with the EU energy deficit increasing to €101.1 billion in the second quarter, up from €71.3 billion during the first three months of the year.
Other sectors also played a role in enlarging the goods deficit. The gap in raw materials widened to €9.4 billion from €7.9 billion in the first quarter, while other manufactured goods recorded a €9.1 billion shortfall. Although machinery and vehicles remained in surplus, their surplus was reduced to €23.2 billion. The chemicals sector continued to generate the largest positive trade balance among key product groups, with their surplus rising from €47.1 billion to €54.0 billion over the quarter.
Energy Deficit Sparks Shift in Trade Balance
During the second quarter, food and beverages maintained a surplus of €11.5 billion, slightly higher than the €10.7 billion recorded in the first quarter. Conversely, other goods showed a €9.1 billion surplus, down from €11.6 billion in the previous period. These positive figures were not enough to counterbalance the steep energy trade deficit, which led the EU to conclude the quarter with overall imports exceeding exports by €21.8 billion. This marked the end of a series of quarterly goods surpluses that had persisted since 2023.
At month’s end, trade data showed a different picture. In June, the EU registered a €3.9 billion goods surplus, with exports totaling €241.5 billion and imports reaching €237.7 billion on a non-seasonally adjusted basis. However, for the first half of 2026, the bloc recorded a €14.9 billion deficit, a stark contrast to the €74.1 billion surplus in the same period of 2025, according to Eurostat.
Trade Dynamics with Major Partners Influence Overall Result
In June, the EU’s trade with the United States and China remained significant. EU exports to the US reached €45.7 billion, while imports from the US amounted to €34.5 billion, resulting in an €11.2 billion monthly surplus in goods trade with that country. Conversely, trade with China produced a much larger deficit. EU exports to China were €18.8 billion, with imports totaling €53.9 billion, culminating in a monthly shortfall of €35.1 billion.
Trade among EU member states also saw growth during the first half of 2026. The intra-EU goods trade reached €2.20 trillion from January through June, marking a 5.7% increase compared to the previous year. These figures rely on the national trade data provided by member states to compile the European totals. The quarterly numbers underscore how increased external imports impacted the overall trade balance during this period. The €21.8 billion second-quarter deficit marks the EU’s first quarterly goods trade shortfall since April through June 2023.