The European Union recorded a €21.8 billion trade deficit during the second quarter of 2026, marking the bloc’s first negative balance since the middle of 2023, according to Eurostat.

Goods imported from non-EU nations reached €701.8 billion, easily outpacing exports of €680.0 billion during the three-month period.

The shift represents the first trade deficit registered since the second quarter of 2023, bringing an end to a period of stability following the previous energy-fuelled deficits seen between late 2021 and mid-2023.

The deterioration in the overall trade balance was primarily driven by a sharp widening of the deficit on energy products, which expanded from €71.3 billion in the first quarter of 2026 to €101.1 billion in the second quarter.

Further downward pressure came from raw materials, where the trade deficit widened from €7.9 billion to €9.4 billion, while the deficit in other manufactured goods also increased from €8.3 billion to €9.1 billion.

At the same time, the EU experienced a shrinking surplus in machinery and vehicles, which declined from €24.9 billion in the first quarter to €23.2 billion in the second quarter.

The surplus recorded in the other goods category also contracted, falling from €11.6 billion to €9.1 billion.

Providing some resistance to the overall decline, chemicals recorded surplus increases, expanding from €47.1 billion to €54.0 billion.

The food and drinks sector also posted gains, with its surplus rising from €10.7 billion to €11.5 billion during the quarter.

Overall, exports increased by 5.4 per cent, representing a rise of €34.9 billion compared with the previous three-month period.

However, imports grew at a faster pace, rising by 9.9 per cent or €63.4 billion over the same timeframe.

The surge in activity marks a clear turnaround, as exports and imports had been declining steadily since the second quarter of 2025.

That downward trajectory finally halted during the first quarter of 2026, having previously been blamed in part on international tariff tensions.