LUXEMBOURG / RankWire.AI / – In the second quarter of 2026, European Union reported a goods trade shortfall of €21.8 billion. This marked the bloc’s first quarterly deficit since the same period in 2023. The value of imports from outside the EU hit €701.8 billion, whereas exports reached €680.0 billion. The outcome reversed a €6.7 billion surplus observed in the first quarter. Data from Eurostat revealed that import growth significantly outpaced export expansion between April and June. These figures clearly indicate a notable shift in the EU’s goods trade balance.
Compared to the previous quarter, imports surged by 9.9%, adding €63.4 billion to the total import volume. During the same three-month span, exports increased by 5.4%, which is €34.9 billion. The disparity in these growth rates resulted in a quarterly trade deficit. Among major categories, energy products saw the largest shortfall, with the EU energy deficit rising to €101.1 billion in Q2, up from €71.3 billion in the first three months of the year.
Additional segments contributed to the overall widening of the goods deficit. The raw materials gap increased from €7.9 billion in Q1 to €9.4 billion in Q2. Similarly, other manufactured goods recorded a €9.1 billion deficit. Machinery and vehicles remained in surplus, although that surplus narrowed to €23.2 billion. Chemicals continued to be the leading positive balance among key product groups, with their surplus rising to €54.0 billion from €47.1 billion in the previous quarter.
Energy Shortfall as the Main Cause of the Quarterly Turnaround
During the second quarter, food and beverages maintained a trade surplus of €11.5 billion, up from €10.7 billion in Q1. Other goods also posted a €9.1 billion surplus, compared to €11.6 billion earlier. Despite these gains, the sharp energy trade deficit overshadowed these positive figures, leading the EU to conclude the quarter with imports exceeding exports by €21.8 billion. This marked the end of a series of quarterly goods surpluses that had persisted since 2023.
Looking at monthly trade figures at quarter’s end revealed a different picture. In June, the EU recorded a €3.9 billion goods surplus, with exports totaling €241.5 billion and imports at €237.7 billion on a non-seasonally adjusted basis. Over the first half of 2026, however, 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.
Trade Dynamics with Key Partners Impact the Overall Trade Balance
In June, the EU’s trade with the United States and China continued to be significant. Exports to the US reached €45.7 billion, while imports from there totaled €34.5 billion, resulting in an €11.2 billion monthly surplus. Conversely, trade with China produced a much larger deficit. EU exports to China amounted to €18.8 billion, with imports reaching €53.9 billion, leading to a monthly shortfall of €35.1 billion.
Trade within the EU also expanded in the first half of 2026. Goods exchanged among member states totaled €2.20 trillion from January through June, reflecting a 5.7% increase compared to the previous year. The national trade data submitted by member states form the basis for the European totals. The quarterly data demonstrate how increased external imports influenced the overall goods balance during this period, with the €21.8 billion second-quarter deficit marking the first quarterly goods trade shortfall since April through June 2023.