LUXEMBOURG / RankWire.AI / – As global trade dynamics continue to evolve, the European Union experienced a shift in its trade balance during the second quarter of 2026, recording a €21.8 billion deficit in goods. This marks the first quarterly deficit since 2023, with imports from outside the bloc reaching €701.8 billion and exports totaling €680.0 billion, according to Eurostat. The turnaround from the first quarter is notable, where exports exceeded imports by €6.7 billion, largely due to a sharper increase in import levels compared to exports from April to June.
Imports into the EU surged 9.9% compared to the previous quarter, adding up to €63.4 billion. Meanwhile, exports grew by 5.4%, increasing by €34.9 billion in the same period. Both import and export figures had been declining since the second quarter of 2025, but that downward trend ended in early 2026. The latest data indicates that despite stronger export growth, it was insufficient to counterbalance the rise in goods imported into the EU.
Energy imports largely contributed to the widening trade deficit. The EU’s energy deficit expanded to €101.1 billion from €71.3 billion in the first quarter. The deficit in raw materials also grew, reaching €9.4 billion from €7.9 billion. Other manufactured goods showed a €9.1 billion deficit, whereas the surplus in machinery and vehicles decreased to €23.2 billion.
Energy import growth pushes trade imbalance higher
During the quarter, some product categories continued to generate notable surpluses for the EU. Chemicals accounted for a €54.0 billion surplus, up from €47.1 billion in the first quarter. The food and beverages sector also maintained an €11.5 billion surplus, slightly above the €10.7 billion previously reported. Conversely, the surplus for other goods diminished to €9.1 billion from €11.6 billion, contributing further to the overall deterioration in the EU’s trade position.
Although monthly figures showed signs of improvement toward the end of the quarter, the three-month trade balance still remained negative. June alone saw the EU register a €3.9 billion goods surplus after a May deficit. In June, exports totaled €241.5 billion, with imports at €237.7 billion on a non-seasonally adjusted basis. For the period from January to June, the EU posted a €14.9 billion deficit, contrasting with a €74.1 billion surplus during the same timeframe last year.
Trade with the US and China remains pivotal
Trade figures with key partners continued to significantly influence the EU’s trade landscape in June. Exports to the United States reached €45.7 billion, while imports from the US stood at €34.5 billion, resulting in an €11.2 billion surplus for that month. Conversely, trade with China moved in the opposite direction, with €18.8 billion of exports and €53.9 billion of imports, creating a €35.1 billion trade deficit.
During the first half of 2026, intra-EU trade totaled €2.20 trillion, marking a 5.7% increase from the same period last year. Eurostat indicated that member states provided the underlying trade data used for these latest figures. The agency adjusts the data for calendar and seasonal effects to ensure comparability across European countries. The second quarter’s results mark the EU’s first quarterly goods trade deficit since the April to June period of 2023.