The international trade picture in the Eurozone and the European Union as a whole deteriorated significantly in April 2026, as the surge in the energy deficit and the weakening of industrial product exports pushed the trade balance back into deficit territory.
The Eurozone turned into a deficit
According to Eurostat's first estimates, the Eurozone recorded a deficit of €1 billion in trade in goods with the rest of the world in April. This is a spectacular deterioration compared to the €8.7 billion surplus recorded in April 2025, and also compared to the €4.9 billion surplus in March 2026. Exports stood at €255.4 billion, up 5% year-on-year, but imports grew even faster, by 9.3%, reaching €256.4 billion and overturning the trade balance.
Collapse of the surplus in the first four months
Even more worrying is the picture for the January–April 2026 period. The Eurozone's trade surplus narrowed to just €12.9 billion, compared to €63.7 billion in the corresponding period of 2025, recording losses of over €50 billion. Meanwhile, total exports fell by 3.6%, while internal trade between Eurozone countries rose by 3.1%, reaching €924.9 billion.
An even greater blow for the European Union
In the European Union as a whole, the picture is even more burdened. The trade balance recorded a deficit of €7.1 billion in April, whereas a year earlier it showed a surplus of €7.3 billion, which corresponds to an annual deterioration of €14.4 billion. Imports from countries outside the EU increased by 10.1%, reaching €232.8 billion, while exports increased by only 3.2%, to €225.7 billion. In the first four months of 2026, the EU now shows a total trade deficit of €2.2 billion, whereas in the corresponding period of 2025 it recorded a surplus of €57.5 billion.
Energy costs are changing the balances
Eurostat points out that the main cause of the deterioration is the significant increase in the energy deficit, combined with the reduction of surpluses in the strategic sector of machinery and vehicles, which has historically been one of the main pillars of European exports. This development demonstrates that rising energy costs and slowing industrial competitiveness continue to exert intense pressure on the European economy.
Relations with trading partners
In terms of trading partners, the European Union presented its largest deficit with China, which widened to €31.9 billion in April from €29 billion a year earlier. Imports from China increased by 7.1%, reaching €48.5 billion, while exports to the country recorded a much smaller increase, by 1.8%, to €16.6 billion. The EU's trade surplus with the United States fell to €9.9 billion from €17.1 billion, as European exports to the US fell by 12.7%, to €41.4 billion, while imports increased by 3.9%, to €31.5 billion. In trade relations with Turkey, the EU recorded a surplus of €600 million, compared to €1.4 billion a year ago. Exports to Turkey decreased by 6.8%, to €9.7 billion, while imports from the country increased by 1.4%, to €9.1 billion.
Slight improvement only after seasonal adjustment
On a seasonally adjusted basis, the Eurozone recorded a surplus of €1.3 billion in April, improved from the €0.6 billion in March, with exports increasing by 3.2% and imports by 2.9% month-on-month. Conversely, for the European Union as a whole, the seasonally adjusted deficit widened to €4.7 billion from €3.5 billion the previous month, confirming that pressures on foreign trade remain strong.
The big picture
The April data reflect a clear shift in trade balances in Europe. The faster growth of imports compared to exports, the burden of energy costs, and the weakening of industrial momentum have led both the Eurozone and the European Union from the strong surpluses of 2025 into a new period of deficits, creating additional challenges for the growth and competitiveness of the European economy.
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