LUXEMBOURG / RankWire.AI / – The European Union recorded a €21.8 billion goods trade deficit in the second quarter of 2026, marking the bloc’s first quarterly deficit since the same period of 2023. Imports from outside the EU reached €701.8 billion, while exports totaled €680.0 billion. This shift reversed a €6.7 billion surplus in the first quarter, with Eurostat data indicating that imports grew significantly faster than exports from April to June. The figures clearly show a change in the EU’s goods trade balance.
Imports increased by 9.9% from the previous quarter, adding €63.4 billion to the total, while exports rose by 5.4%, or €34.9 billion, over the same period. The disparity in these growth rates pushed the quarterly balance into deficit. Energy products contributed most to the shortfall among key goods categories, with the EU energy deficit rising to €101.1 billion in Q2 from €71.3 billion during the first three months of the year.
Additional categories also played a role in broadening the overall goods deficit. The raw materials gap increased from €7.9 billion to €9.4 billion, and other manufactured goods posted a €9.1 billion deficit. Machinery and vehicles still remained in surplus but saw this balance shrink to €23.2 billion. Meanwhile, chemicals maintained the largest positive balance among major product groups, with their surplus rising from €47.1 billion to €54.0 billion in the second quarter.
Energy Shortfall Causes Quarterly Reversal
During the second quarter, food and drinks continued to produce a surplus of €11.5 billion, up from €10.7 billion in the previous quarter. Other goods also showed a €9.1 billion surplus, down from €11.6 billion, yet these gains were insufficient to counteract the severe energy trade deficit. As a result, the European Union concluded the quarter with imports surpassing exports by €21.8 billion, ending a streak of quarterly goods surpluses that had persisted since 2023.
Monthly trade figures at the quarter’s end painted a slightly different picture, with the EU posting a €3.9 billion goods surplus in June. That month’s exports reached €241.5 billion, while imports totaled €237.7 billion on a non-seasonally adjusted basis. Over the first half of 2026, however, the bloc experienced a €14.9 billion deficit compared to a €74.1 billion surplus during the same period in 2025, according to Eurostat.
Key Partners Impact Overall Trade Balance
In June, the United States and China remained central to the EU’s external goods trade. EU exports to the US totaled €45.7 billion, with imports reaching €34.5 billion, resulting in an €11.2 billion monthly trade surplus with the United States. Conversely, trade with China led to a much larger deficit: EU exports to China amounted to €18.8 billion, while imports reached €53.9 billion, creating a monthly shortfall of €35.1 billion.
Trade among EU member states also expanded in the first half of 2026, with intra-EU goods trade reaching €2.20 trillion, up 5.7% from the same period last year. The trade data from individual nations contribute to the total figures for the European Union. The quarterly data illustrates how increased external imports influenced the overall goods balance during this period. Notably, the €21.8 billion second-quarter deficit marks the first quarterly goods trade shortfall for the EU since April through June 2023.