The euro area’s trade balance slipped back into deficit in May 2026 as a sharp rise in imports outpaced largely flat export growth, reversing the €15.0 billion surplus recorded a year earlier, according to Eurostat.
Imports Outpace Exports
Exports edged up just 0.1% year on year to €243.6 billion in May, while imports jumped 10.0% to €251.4 billion. The result was a monthly trade deficit of €7.8 billion, compared with a deficit of €1.2 billion in April and a €15.0 billion surplus in May 2025.
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Eurostat attributed the deterioration mainly to a wider energy trade deficit and smaller surpluses in key manufacturing sectors, including machinery, vehicles and chemicals.
The broader European Union followed the same trend, recording a €12.1 billion trade deficit in May, compared with a €12.7 billion surplus a year earlier.
External Trade Weakens
Extra-EU exports fell 1.1% to €215.7 billion, while imports from outside the bloc rose 10.8% to €227.8 billion.
For the first five months of 2026, the euro area’s trade surplus narrowed to €3.3 billion from €78.7 billion in the same period of 2025. During that period, exports declined 2.8%, while trade between euro area countries increased 3.3% to €1.16 trillion.
Across the EU, the January-to-May balance shifted to a €15.9 billion deficit from a €70.1 billion surplus a year earlier.
Downtrend Continues
Seasonally adjusted data also pointed to weaker trade performance. In May, the euro area’s trade balance stood at a €5.0 billion deficit, while the EU recorded a €9.0 billion deficit, both larger than in April.
Although trade within the single market continued to grow, rising imports from outside the bloc continued to weigh on the euro area’s external balance.
