Eurozone posts unexpected goods trade deficit in May

The eurozone posted an unexpected goods trade deficit of €7.8 billion ($8.94 billion) in May as surging energy imports outpaced weak export growth, Eurostat data showed Thursday.

The result was well below market expectations for a €2.8 billion surplus and compared with a €15 billion surplus in May 2025.

Goods exports to the rest of the world edged up 0.1% year over year to €243.6 billion, while imports rose 10% to €251.4 billion.

The trade balance also deteriorated from a €1.2 billion deficit in April.

Eurostat said the decline was driven mainly by a wider energy deficit and smaller trade surpluses in machinery and vehicles, as well as chemicals and related products.

During the first five months of the year, the eurozone recorded a trade surplus of €3.3 billion, down sharply from €78.7 billion in the same period of 2025.

Exports fell 2.8% year over year to €1.21 trillion, while imports rose 3.4% to €1.21 trillion.

Trade among eurozone member states increased 3.3% to €1.16 trillion over the period.

The broader European Union posted a €12.1 billion goods trade deficit in May, compared with a €12.7 billion surplus a year earlier.

EU exports fell 1.1% to €215.7 billion, while imports climbed 10.8% to €227.8 billion.

Energy imports into the bloc surged 41.6% from a year earlier to €47.7 billion, widening the EU's energy trade deficit to €34.5 billion from €24.8 billion.

The EU's trade surplus with the United States narrowed to €7.9 billion from €18.4 billion, while its trade deficit with China widened to €30.8 billion from €28 billion.