LUXEMBOURG / RankWire.AI / – The European Union reported a €21.8 billion goods trade deficit in the second quarter of 2026, marking the bloc’s first quarterly deficit since the same period in 2023. External imports reached €701.8 billion, while exports totaled €680.0 billion. This shift reversed a €6.7 billion surplus from the first quarter. Eurostat data indicates that between April and June, imports grew at a much faster pace than exports. These figures signify a notable change in the EU’s goods trade balance.
Imports increased by 9.9% from the previous quarter, adding €63.4 billion to the total. During the same period, exports rose 5.4%, or €34.9 billion. The disparity in these growth rates caused the quarterly trade balance to shift into deficit. The largest shortfall among major goods categories was in energy products, with the EU energy deficit rising to €101.1 billion in Q2, up from €71.3 billion in the first three months of the year.
Other sectors also contributed to the increased goods deficit. The raw materials gap expanded to €9.4 billion from €7.9 billion in Q1. The deficit in other manufactured goods was €9.1 billion, while machinery and vehicles remained in surplus, albeit reduced to €23.2 billion. Chemicals maintained the largest positive balance among key categories, increasing to €54.0 billion from €47.1 billion in the previous quarter.
Energy Deficit Triggers Quarterly Reversal
Food and beverages stayed in surplus, totaling €11.5 billion compared to €10.7 billion in Q1. Conversely, other goods posted a €9.1 billion surplus, down from €11.6 billion. However, these gains could not offset the significant energy trade deficit, resulting in the EU ending the quarter with €21.8 billion in net imports, ending a streak of quarterly goods surpluses dating back to 2023.
At the monthly level, the EU recorded a €3.9 billion goods surplus in June, with exports at €241.5 billion and imports at €237.7 billion on a non-seasonally adjusted basis. Yet, over the first half of 2026, the bloc experienced a €14.9 billion deficit, contrasting sharply with a €74.1 billion surplus in the first six months of 2025, according to Eurostat.
Trade Dynamics with Major Partners Influence Overall Balance
In June, the United States and China remained key players in the EU’s external goods trade. EU exports to the US reached €45.7 billion, with imports at €34.5 billion, resulting in an €11.2 billion monthly surplus. Trade with China showed a larger deficit, with exports totaling €18.8 billion and imports €53.9 billion, leading to a monthly shortfall of €35.1 billion.
Trade among EU member states also grew during the first half of 2026. Intra-EU trade amounted to €2.20 trillion from January to June, up 5.7% year-over-year. The national data used to compile these totals reveal how increased external imports impacted the overall goods balance during this period. The €21.8 billion second-quarter deficit marks the first quarterly goods trade shortfall for the EU since April to June 2023.