Euro Area Posts Surprise Trade Surplus in June

The Euro Area recorded a trade surplus of €8.6 billion in June 2026, up from €4.8 billion in June 2025 and better than market expectations of a €2.2 billion gap. This was the largest monthly trade surplus since February, as goods exports surged by 14.4% to an over one-year high of €272.5 billion while imports rose at a slower 13.1% to €264 billion. The latest figure represented an improvement of €3.8 billion compared to the same period a year ago, supported primarily by a stronger surplus in chemicals and related products and additional surpluses in other manufactured goods and food and drink, which more than offset the larger energy deficit. The machinery and vehicles surplus also registered a modest improvement. Shipments increased to all major trading partners, including the US (10.3%), China (14.4%), the UK (7.7%) and Turkey (6.5%). Imports also rose across the board, particularly from the US (11.6%), China (12%) and the UK (12.1%).

The Euro Area posted a €7.8 billion trade deficit in May 2026, compared with a €15 billion surplus in May 2025 and worse than market expectations of a €1.6 billion gap. This marked the largest monthly trade shortfall since April 2023, as exports of goods increased by just 0.1% to €243.6 billion, while imports jumped by 10% to €251.4 billion. The latest figure represents a deterioration of nearly €23 billion from a year ago, primarily driven by a widening of the energy deficit to €30.3 billion from €21.9 billion in May 2025 and by reduced surpluses in machinery and vehicles (€4.4 billion from €12.4 billion), as well as in chemical and related products (€18.4 billion from €23.8 billion). Among major partners, shipments to the US dropped 13.9%, with exports to China (-2.9%) and Turkey (-14.6%) also down. Imports rose sharply from Brazil (25.4%), the US (17.8%) and the UK (13.7%). Considering January-May 2026, the bloc's trade surplus shrank to €3.3 billion from €78.7 billion a year ago.

The Euro Area recorded a €1.0 billion trade deficit in April 2026, compared with a €8.7 billion surplus in April 2025 and missing market expectations of a €7.8 billion surplus. Exports of goods increased by 5.0% to €255.4 billion, while imports rose faster, climbing 9.3% to €256.4 billion. The latest data represents a deterioration of €9.7 billion and marks a decline from the €4.9 billion surplus recorded in March 2026. The weaker balance was mainly driven by a widening energy deficit and a smaller surplus in the machinery and vehicles category. For the January to April 2026 period, the Euro Area posted a trade surplus of €12.9 billion, significantly below the €63.7 billion surplus recorded during the same period in 2025.