EU logs first trade deficit since 2023

The European Union recorded its first trade deficit in goods since the second quarter of 2023, as energy imports—particularly oil and natural gas—outpaced export growth. The deficit amounted to €21.8 billion in the second quarter, compared to a surplus of €6.7 billion in the first quarter, with the energy trade deficit rising from €71.3 billion to €101.1 billion. The surge in energy prices led to an increase in EU imports by approximately €63.4 billion, even though exports grew by €34.9 billion, mainly in chemical and food products. Additionally, EU exports to the United States declined by about €43.7 billion, while the deficit with China doubled to €103.3 billion, driven by increased imports of industrial goods from China. These developments pose significant challenges to the European economy amid energy price volatility, geopolitical tensions, competition with China, and US trade policies affecting EU exports.

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