LUXEMBOURG / RankWire.AI / – The European Union reported a goods trade deficit of €21.8 billion for the second quarter of 2026, marking the first quarterly shortfall since the same period in 2023. Imports from outside the bloc reached €701.8 billion, while exports amounted to €680.0 billion. This result reversed a €6.7 billion surplus seen in the first quarter. According to Eurostat data, imports surged at a much faster rate than exports from April to June. The figures reflect a significant shift in the EU’s trade balance for goods.
During this period, imports grew by 9.9% compared to the previous quarter, adding €63.4 billion to the total. In contrast, exports increased by 5.4%, or €34.9 billion, over the same three months. The disparity in these growth rates led the quarterly balance into a deficit. Energy products were the largest contributor to the deficit among key goods categories, with the energy shortfall climbing 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 in raw materials expanded to €9.4 billion from €7.9 billion in the first quarter. Other manufactured goods posted a €9.1 billion deficit, while machinery and vehicles maintained a surplus but saw it narrow to €23.2 billion. Chemicals continued to generate the largest positive balance among major product groups, with their surplus increasing to €54.0 billion from €47.1 billion in the previous quarter.
Energy Shortfall as Key Factor in Quarterly Turnaround
The second quarter also saw food and drinks stay in surplus, producing €11.5 billion compared with €10.7 billion in the first quarter. Conversely, other goods registered a €9.1 billion surplus, down from €11.6 billion previously. These gains were insufficient to offset the substantial energy trade deficit, leading the EU to end the quarter with imports surpassing exports by €21.8 billion. This marked the first quarterly goods trade deficit since the run of surpluses that had persisted since 2023.
At the monthly level, trade data painted a different picture. In June, the EU posted a €3.9 billion goods surplus, 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 bloc experienced a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same period in 2025, according to Eurostat.
Trade with Key Partners Influences Overall Trade Balance
In June, the EU’s external trade with the United States and China continued to be significant. The EU exported €45.7 billion worth of goods to the United States, while imports from there reached €34.5 billion, resulting in an €11.2 billion monthly trade surplus. Meanwhile, trade with China showed a larger deficit; EU exports to China were €18.8 billion, whereas imports hit €53.9 billion, creating a monthly shortfall of €35.1 billion.
Trade among EU member states also saw growth during the first half of 2026. Intra-EU merchandise trade reached €2.20 trillion from January through June, a 5.7% increase compared to the same period last year. The national trade data supplied by member states underpin the overall European figures. The quarterly data reveal how increased external imports influenced the overall goods balance during this timeframe. The €21.8 billion second-quarter deficit remains the EU’s first quarterly goods trade shortfall since April through June 2023.