LUXEMBOURG / RankWire.AI / – The European Union reported a goods trade deficit of €21.8 billion in the second quarter of 2026. This marks the first quarterly deficit for the bloc since the same period in 2023. Imports from outside the EU totaled €701.8 billion, while exports were €680.0 billion. The deficit reversed a €6.7 billion surplus that was recorded in the first quarter. According to Eurostat data, import growth outpaced exports significantly between April and June. These figures indicate a notable shift in the EU’s trade balance of goods.
Between the previous quarter and this one, imports grew by 9.9%, adding €63.4 billion to the total. Exports increased by 5.4%, which is €34.9 billion, during the same three-month window. The disparity in these growth rates led the quarterly balance to fall into a deficit. The largest shortfall among major goods categories was in energy products. The EU’s energy deficit increased to €101.1 billion in the second quarter, up from €71.3 billion during the first three months of the year.
Other sectors also contributed to the expanded goods deficit. The raw materials gap grew from €7.9 billion in the first quarter to €9.4 billion. Additionally, other manufactured goods faced a €9.1 billion deficit. Machinery and vehicles remained in surplus but saw their balance shrink to €23.2 billion. Chemicals continued to record the largest positive balance among key product groups, rising from €47.1 billion to €54.0 billion in the previous quarter.
Energy Shortfall Responsible for Quarterly Trade Turnaround
During the second quarter, food and drinks maintained a surplus, amounting to €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. These gains were not enough to offset the significant energy trade deficit. Consequently, the EU closed the quarter with imports exceeding exports by €21.8 billion. This ended a streak of quarterly goods surpluses dating back to 2023.
Data from monthly trade figures revealed a different situation at the end of June. The EU registered a €3.9 billion goods surplus in that month. 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. This compares to a €74.1 billion surplus during the same period in 2025, as reported by Eurostat.
Trade with Major Partners Influences Overall Goods Balance
In June, the United States and China continued to be key players in the EU’s external goods trade. EU exports to the US reached €45.7 billion, while imports from the US totaled €34.5 billion. This resulted in an €11.2 billion monthly surplus in goods with the United States. Trade with China, however, showed a larger deficit. EU exports to China stood at €18.8 billion, whereas imports from China reached €53.9 billion. The monthly trade shortfall with China was €35.1 billion.
Trade within the EU also expanded during the first half of 2026. Intra-EU goods trade hit €2.20 trillion from January through June, representing a 5.7% increase from a year earlier. The national trade data provided by member states is used to compile these European totals. The quarterly figures highlight how increased external imports impacted the overall goods balance during this period. The €21.8 billion deficit in the second quarter is the first since April through June 2023, marking a significant shift in the EU’s trade dynamics.