LUXEMBOURG / RankWire.AI / – As part of a broader trend in international trade, the European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026. This marks the first quarterly deficit since the same period of 2023 for the bloc. During this period, imports from outside the EU totaled €701.8 billion, while exports stood at €680.0 billion. This shift reversed a €6.7 billion surplus recorded in the first quarter. Eurostat data indicates that import growth outpaced exports significantly between April and June, signaling a notable change in the EU’s trade balance.
Imports increased by 9.9% from the previous quarter, adding €63.4 billion to the total import value. Meanwhile, exports grew by 5.4%, equivalent to €34.9 billion, over the same three-month period. This divergence in growth rates was enough to push the quarterly trade balance into a deficit. Energy products were the primary contributors to the deficit across major categories, with the EU energy deficit rising 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 widening the goods deficit. The gap for raw materials increased from €7.9 billion to €9.4 billion. The deficit in other manufactured goods reached €9.1 billion, while machinery and vehicles, although still in surplus, saw their balance decrease 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 in the previous quarter.
Energy Shortfall Is Key Factor in Quarterly Shift
The categories of food and beverages continued to generate a surplus, amounting to €11.5 billion compared to €10.7 billion in the first quarter. Conversely, other goods recorded a €9.1 billion surplus, down from €11.6 billion previously. Despite these positive figures, they could not offset the significant energy trade deficit, resulting in the EU ending the quarter with overall imports surpassing exports by €21.8 billion. This marked the end of a streak of quarterly goods surpluses that had persisted since 2023.
At the monthly level, trade dynamics showed a different picture by the end of June. The EU reported a €3.9 billion goods surplus for that month, with exports reaching €241.5 billion and imports totaling €237.7 billion on a non-seasonally adjusted basis. However, for the first half of 2026, the overall balance was a €14.9 billion deficit, contrasting with a €74.1 billion surplus in the first six months of 2025, according to Eurostat.
Trade with Key Partners Influences Overall EU Balance
In June, trade with the United States and China remained significant for the EU’s external trade in goods. EU exports to the United States reached €45.7 billion, with imports totaling €34.5 billion, resulting in an €11.2 billion monthly surplus. Trade with China, however, showed a much larger deficit. EU exports to China amounted to €18.8 billion, whereas imports reached €53.9 billion, leading to a monthly shortfall of €35.1 billion.
Trade among EU member states also expanded in the first half of 2026. Internal EU trade in goods hit €2.20 trillion from January through June, reflecting a 5.7% increase compared to the same period last year. The trade figures are based on national data provided by member states and compiled by Eurostat. These quarterly statistics reveal how increased external imports affected the EU’s overall goods balance during this period. The €21.8 billion second-quarter deficit remains the first quarterly goods trade shortfall since April through June 2023.