EU Imports Outpace Exports in Q2 2026: Eurostat
The European Union (EU) recorded a trade deficit of €21.8 billion in the second quarter of 2026, as goods imported from non-EU countries reached €701.8 billion, surpassing exports at €680.0 billion, according to Eurostat’s latest figures. This marks the first trade deficit since Q2 2023, a period of consecutive deficits driven by soaring energy costs.
Deficit Drivers
The primary factors contributing to this deficit include:
- Energy products: The deficit in energy products widened significantly from -€71.3 billion in Q1 2026 to -€101.1 billion in Q2 2026.
- Raw materials and other manufactured goods: Deficits in these categories also increased, from -€7.9 billion to -€9.4 billion and -€8.3 billion to -€9.1 billion, respectively.
Surplus Changes
Conversely, surpluses in machinery and vehicles decreased from €24.9 billion to €23.2 billion, while other goods saw a reduction from €11.6 billion to €9.1 billion.
Countervailing Trends
Notably, surpluses in chemicals surged from €47.1 billion to €54.0 billion, and in food and drinks grew from €10.7 billion to €11.5 billion.
Export and Import Dynamics
Exports increased by 5.4% (an additional €34.9 billion) while imports rose by 9.9% (an additional €63.4 billion) compared to the previous quarter. These fluctuations are partly attributed to easing tariff tensions.
