Euro Area Trade Surplus Highest in 9 Months

The Euro Area recorded a trade surplus of €14.2 billion in July 2026, the highest in nine months, up from €10.7 billion in July 2025. This was the largest monthly trade surplus since October 2025, as goods exports surged by 9% to an over 16-month high of €276 billion while imports rose at a slower 7.9% to €261.8 billion. The latest figure represented an improvement of €3.5 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 a lower surplus in machinery and vehicles. Meanwhile, the energy gap narrowed (€-26.1 billion from €-28 billion). Shipments fell to China (-1.6%), but increased to other major trading partners, including the US (10.7%), the UK (3.1%) and Switzerland (14.2%). Imports also rose from the US (12.6%), and the UK (16.7%), but fell from China (-32.3%).

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.