LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026. This marks the first quarterly deficit for the bloc since the same period in 2023. During this timeframe, imports from outside the EU totaled €701.8 billion, while exports amounted to €680.0 billion. The deficit reversed a €6.7 billion surplus recorded in the first quarter. Eurostat data indicated that import growth outpaced export expansion substantially from April to June. These figures signal 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 import value. Exports rose by 5.4%, or €34.9 billion, in the same three-month span. This discrepancy in growth rates caused the quarterly balance to shift into a deficit. The largest shortfall among key goods categories was observed in energy products, with the EU energy deficit climbing to €101.1 billion in the second quarter. This contrasts with the €71.3 billion deficit during the first three months of the year.
Additional sectors also contributed to the expanding goods deficit. The raw materials gap increased from €7.9 billion in the first quarter to €9.4 billion. Other manufactured goods experienced a €9.1 billion deficit. Although machinery and vehicles remained in surplus, the surplus narrowed to €23.2 billion. Chemicals, however, continued to hold the largest positive balance among major categories, with their surplus rising from €47.1 billion to €54.0 billion in the previous quarter.
Energy Shortage as Catalyst for Quarterly Reversal
During the second quarter, food and drinks maintained a surplus, amounting to €11.5 billion compared to €10.7 billion in the first quarter. Conversely, other goods posted a €9.1 billion surplus, down from €11.6 billion previously. Despite these gains, the significant energy trade deficit overshadowed them all. Consequently, the EU finished the quarter with imports exceeding exports by €21.8 billion, ending a series of quarterly goods surpluses that had persisted since 2023.
At the month level, trade data presented a different picture. In June, the EU recorded 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 registered a €14.9 billion deficit. This compares to a €74.1 billion surplus in the first half of 2025, according to Eurostat.
Influence of Major Trade Partners on Overall Balance
In June, the EU’s trade with the United States and China remained significant. EU exports to the United States totaled €45.7 billion, while imports reached €34.5 billion, resulting in an €11.2 billion monthly surplus. Trade with China, however, was heavily in deficit. EU exports to China amounted to €18.8 billion, whereas imports were €53.9 billion, producing a monthly shortfall of €35.1 billion.
Trade among EU member states also grew in the first half of 2026. Intra-EU trade hit €2.20 trillion from January to June, representing a 5.7% increase compared to the previous year. The trade data from individual member states contribute to the overall European figures. The quarterly data illustrates how increased external imports influenced the EU’s overall goods balance during this period. The €21.8 billion deficit in the second quarter is the first quarterly goods trade shortfall since April through June 2023.