LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade deficit in the second quarter of 2026, marking its first quarterly shortfall since the same period in 2023. During this timeframe, imports from outside the EU totaled €701.8 billion, whereas exports amounted to €680.0 billion. This development reversed a €6.7 billion surplus recorded in the first quarter. Eurostat data indicated that import growth outpaced export expansion significantly from April to June. These figures clearly demonstrate a notable shift in the EU’s goods trade balance.
Between the previous quarter and this one, imports increased by 9.9%, adding €63.4 billion to the total. At the same time, exports grew by 5.4%, or €34.9 billion, over the same three months. The disparity in these growth rates led the quarterly trade balance into deficit. The energy sector contributed the most to the widening shortfall among key goods 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.
Additional sectors also played a role in the increasing goods deficit. The raw materials gap widened to €9.4 billion from €7.9 billion in the previous quarter, while other manufactured goods posted a €9.1 billion deficit. Although machinery and vehicles still remained in surplus, that margin decreased to €23.2 billion. Chemicals, however, 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 prior quarter.
Energy deficit responsible for quarterly shift
During the second quarter, the surplus in food and beverages persisted, reaching €11.5 billion compared to €10.7 billion in the first quarter. Other goods also showed a €9.1 billion surplus, although this was down from €11.6 billion previously. These improvements were not enough to offset the significant deficit in energy trade. Consequently, the European Union concluded the quarter with imports surpassing exports by €21.8 billion, ending a series of quarterly goods surpluses that have been ongoing since 2023.
At the monthly level, trade data showed a different picture at the end of June. The EU recorded a €3.9 billion goods surplus, with exports hitting €241.5 billion and imports totaling €237.7 billion on a non-seasonally adjusted basis. However, for the first six months of 2026, the bloc experienced a €14.9 billion deficit, a notable decline from the €74.1 billion surplus during the same period in 2025, according to Eurostat.
Trade dynamics with key partner countries influence the overall deficit
In June, trade with the United States and China remained significant for the EU’s external goods flow. EU exports to the United States reached €45.7 billion, while imports from the country were €34.5 billion, resulting in an €11.2 billion surplus with the U.S. in goods trade for that month. Conversely, trade with China generated a larger deficit, with exports totaling €18.8 billion and imports hitting €53.9 billion, which led to a monthly shortfall of €35.1 billion.
Trade within EU member states expanded during the first half of 2026. Intra-EU trade amounted to €2.20 trillion from January through June, reflecting a 5.7% increase year-over-year. This data relies on national trade figures provided by member states to compile the European totals. The quarterly data highlights how the rise in external imports influenced the overall goods balance for the period. The €21.8 billion deficit in the second quarter is the first quarterly goods trade shortfall since April through June 2023.