Nicosia: The European Union recorded a trade deficit of £21.8 billion in the second quarter of 2026, marking its first deficit since the second quarter of 2023, according to figures released by Eurostat on Tuesday.
According to Cyprus News Agency, imports of goods from non-EU countries surged to £701.8 billion, outpacing exports, which stood at £680 billion. This imbalance was primarily driven by energy products, where the deficit expanded to £101.1 billion from £71.3 billion in the first quarter. Additional deficits were observed in raw materials and other manufactured goods, while surpluses in sectors like machinery, vehicles, and other goods saw a reduction.
Conversely, the surplus in the chemicals sector climbed to £54 billion from £47.1 billion, and the food and drink sector saw its surplus rise to £11.5 billion from £10.7 billion. In comparison to the previous quarter, EU exports increased by 5.4%, or £34.9 billion, while imports saw a more significant rise of 9.9%, or £63.4 billion.
Eurostat reported that both exports and imports had been on a decline since the second quarter of 2025, partially due to tariff tensions. This downward trend concluded in the first quarter of 2026.