High energy prices weigh on EU trade, with the second quarter marking the first deficit in three years

Brussels – Trade figures are not looking good for the EU. ​In the second quarter of 2026, the European Union recorded a trade deficit of 21.8 billion euros, according to data published today (25 August) by Eurostat, as imports of goods from non-EU countries (701.8 billion euros) exceeded exports (680.0 billion euros). “This is the first trade deficit registered since the second quarter of 2023,” the European Statistical Office stressed, and it is “the last of a series of deficits fuelled by soaring energy costs observed between late 2021 and mid-2023.”​

High energy prices are continuing to have an impact. In this specific case, the trade deficit “was primarily due” to an increase in the deficit for energy products (from -71.3 billion euros in the first quarter of 2026 to -101.1 billion euros in the second quarter of 2026), in raw materials (from -7.9 billion euros to -9.4 billion euros) and in other manufactured goods (from -8.3 billion euros to -9.1 billion euros). There was also a reduction in the surplus for machinery and vehicles (from 24.9 billion euros in the first quarter of 2026 to 23.2 billion euros) and other goods (from 11.6 billion euros to 9.1 billion euros). 

At the same time, however, the EU recorded increases in surpluses for chemical products (from 47.1 billion euros to 54.0 billion euros) and for food and drink (from 10.7 billion euros to 11.5 billion euros).  Overall, between April and June 2026, exports rose by 5.4 per cent (+34.9 billion euros) and imports by 9.9 per cent (+63.4 billion euros) from the January–March period.