LUXEMBOURG / RankWire.AI / – The European Union experienced a €21.8 billion goods trade shortfall in the second quarter of 2026. This marked the first quarterly deficit since the same period in 2023. During this time, imports from outside the EU totaled €701.8 billion, while exports were €680.0 billion. The deficit reversed a €6.7 billion surplus recorded in the first quarter. According to Eurostat, imports grew much faster than exports from April to June. These figures indicate a clear shift in the EU’s goods trade balance.
Imports increased by 9.9% compared to the previous quarter, adding €63.4 billion to the total. Exports rose by 5.4%, or €34.9 billion, in the same period. This difference in growth rates pushed the quarterly balance into deficit. Energy products contributed most to the shortfall among major goods categories. The EU’s energy deficit grew to €101.1 billion in the second quarter. It had been €71.3 billion during the first three months of the year.
Other sectors also added to the widening goods gap. The raw materials deficit increased from €7.9 billion in the first quarter to €9.4 billion. Other manufactured goods showed a €9.1 billion shortfall. Machinery and vehicles stayed in surplus but the margin narrowed to €23.2 billion. Chemicals remained the largest positive contributor among key product groups, increasing from €47.1 billion to €54.0 billion in surplus during the previous quarter.
Energy shortfall fuels quarterly turnaround
Food and drinks stayed in surplus during the second quarter. The category produced an €11.5 billion surplus, up from €10.7 billion in the first quarter. Other goods also posted a €9.1 billion surplus, down from €11.6 billion previously. These gains weren’t enough to offset the significant energy trade deficit. Consequently, the EU ended the quarter with imports exceeding exports by €21.8 billion. This marked the end of a series of quarterly goods surpluses that had been ongoing since 2023.
At the end of June, trade data showed a different picture. The EU recorded a €3.9 billion goods surplus in June. Exports for that month reached €241.5 billion, while imports totaled €237.7 billion, on a non-seasonally adjusted basis. Over the first six months of 2026, however, the bloc experienced a €14.9 billion deficit. This contrasts with a €74.1 billion surplus in the first half of 2025, according to Eurostat.
Key trading partners influence overall trade balance
In June, the United States and China remained vital to the EU’s external goods trade. EU exports to the US reached €45.7 billion, and imports from the US were €34.5 billion. This resulted in an €11.2 billion monthly surplus in goods trade with the US. Trade with China, however, showed a much larger deficit. EU exports to China totaled €18.8 billion, while imports were €53.9 billion. The month’s shortfall with China stood at €35.1 billion.
Trade within the EU also increased during the first half of 2026. Goods traded among member states reached €2.20 trillion from January to June. That’s a 5.7% rise from the same period a year earlier. Member states provide the trade data that compiles the European totals. The quarterly figures reveal how higher external imports affected the overall goods balance. The €21.8 billion deficit in the second quarter is the first since April to June 2023 for the EU’s goods trade shortfall.