LUXEMBOURG / RankWire.AI / – In the European Union, the second quarter of 2026 saw a trade deficit in goods amounting to €21.8 billion, marking the first quarterly deficit since the same period in 2023. During this period, imports from outside the EU hit €701.8 billion, while exports totaled €680.0 billion. This shift reversed a €6.7 billion surplus from the first quarter. Eurostat data reveals that the pace of import growth significantly outstripped that of exports from April to June. The figures clearly indicate a notable change in the EU’s trade balance for goods.
Imports surged by 9.9% from the previous quarter, adding €63.4 billion to the overall total. Meanwhile, exports increased by 5.4%, or €34.9 billion, over the same three months. The disparity in these growth rates contributed to pushing the quarterly balance into deficit. Among key categories, energy products accounted for the largest shortfall. The EU’s energy deficit rose 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 part in widening the overall goods deficit. The raw materials trade deficit grew from €7.9 billion in Q1 to €9.4 billion in Q2. Other manufactured goods saw a €9.1 billion shortfall, while machinery and vehicles remained in surplus, though the surplus decreased to €23.2 billion. Chemicals maintained 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 Deficit as Key Factor in Quarterly Shift
During the second quarter, food and beverages continued to be in surplus, generating €11.5 billion compared to €10.7 billion in the first quarter. Other goods also posted a €9.1 billion surplus, down from €11.6 billion previously. However, these positive figures were insufficient to offset the significant energy trade deficit. Consequently, the EU’s imports exceeded exports by €21.8 billion in the quarter, ending a series of quarterly goods surpluses that have been ongoing since 2023.
Trade data for the month of June presented a different picture; the EU recorded a €3.9 billion goods surplus. That month, exports reached €241.5 billion, while imports amounted to €237.7 billion on a non-seasonally adjusted basis. Over the first half of 2026, the EU faced a €14.9 billion deficit, contrasting sharply with a €74.1 billion surplus in the same period of 2025, according to Eurostat.
External Trade with Major Partners Influences Overall Figure
In June, the United States and China remained key players in the EU’s external trade. EU exports to the US reached €45.7 billion, while imports from there totaled €34.5 billion, resulting in an €11.2 billion monthly surplus in goods trade with the US. Conversely, trade with China showed a larger deficit, with exports at €18.8 billion and imports at €53.9 billion, leading to a monthly shortfall of €35.1 billion.
Within the EU, intra-member trade expanded during the first half of 2026. The total value of goods exchanged among EU countries from January to June was €2.20 trillion, reflecting a 5.7% increase compared to the same period in the previous year. The national trade data supplied by member states contributed to the overall European figures. These quarterly results highlight how increased external imports impacted the bloc’s overall goods balance during this period. The €21.8 billion deficit in the second quarter is the first shortfall in quarterly goods trade since April through June 2023.