LUXEMBOURG / RankWire.AI / – The European Union experienced a goods trade shortfall of €21.8 billion in the second quarter of 2026, marking its first quarterly deficit since the same period of 2023. During this period, imports from outside the EU hit €701.8 billion, while exports totaled €680.0 billion. This outcome reversed a €6.7 billion surplus recorded in the first quarter. Data from Eurostat revealed that import growth outpaced export expansion significantly between April and June, indicating a notable shift in the EU’s trade balance for goods.
Between the previous quarter and this one, imports increased by 9.9%, adding €63.4 billion to the overall total. Meanwhile, exports expanded by 5.4%, which amounts to €34.9 billion, in the same three-month span. The disparity in these growth rates pushed the quarterly trade balance into deficit. The energy sector was the largest contributor to the deficit among key goods categories, with the EU’s energy shortfall rising to €101.1 billion in the second quarter compared to €71.3 billion during the first three months of the year.
Additional sectors also played a role in widening the overall goods deficit. The raw materials gap grew from €7.9 billion in the first quarter to €9.4 billion. The deficit in other manufactured goods stood at €9.1 billion, whereas machinery and vehicles, although still in surplus, saw their balance narrow to €23.2 billion. Chemicals remained the largest positive contributor among major product groups, with their surplus increasing from €47.1 billion to €54.0 billion during the quarter.
Energy Shortfall Sparks End of Quarterly Surplus
During the second quarter, the EU maintained a surplus in food and beverages, which amounted to €11.5 billion, up from €10.7 billion in the prior quarter. Other goods also showed a €9.1 billion surplus, though this was down from €11.6 billion previously. These positive figures were insufficient to offset the significant energy trade deficit. As a result, the EU concluded the quarter with imports surpassing exports by €21.8 billion, ending a streak of quarterly goods surpluses that had persisted since 2023.
Trade data for individual months, however, depicted a different scenario at the close of the period. In June alone, the EU registered a €3.9 billion goods surplus, with exports reaching €241.5 billion and imports totaling €237.7 billion on a non-seasonally adjusted basis. Over the first six months of 2026, however, the overall trade balance was negative by €14.9 billion, contrasting sharply with a €74.1 billion surplus in the same period of 2025, according to Eurostat.
Trade with Key Partners Influences Overall Trade Balance
The EU’s trade with the United States and China remained vital in June. Exports to the US reached €45.7 billion, while imports from the US totaled €34.5 billion, resulting in an €11.2 billion trade surplus with the US. Conversely, trade with China generated a much larger deficit, with EU exports at €18.8 billion and imports at €53.9 billion, leading to a monthly shortfall of €35.1 billion.
Internal EU trade also grew in the first half of 2026. Goods exchanged within the bloc amounted to €2.20 trillion from January through June, representing a 5.7% increase compared to the previous year. The trade figures used to compile these totals are based on data provided by member states. The quarterly results highlight how higher external imports influenced the overall goods balance during this period. The €21.8 billion deficit in the second quarter is the first such shortfall since the April to June period of 2023.