EU trade surplus falls more than 50% during second quarter 

Many companies frontload exports in the first quarter of the year in anticipation of US president Donald Trump's tariffs

The data covers the period in which the US imposed a tariff of 10% on EU goods. It has since been increased to 15%. Picture: David Creedon

After a surge in exports during the start of the year, the EU’s trade surplus fell over 50% between April and June as exports declined, new data from Eurostat shows.

Between April and June, the bloc’s exports and imports fell 3.4% and 7.1% respectively compared to the first quarter. 

In anticipation of US president Donald Trump's implementing tariffs, numerous companies frontloaded exports to the US at the start of the year. In April, Mr Trump implemented a base 10% tariff on all imports into the US.

The 10% tariff rate was in place throughout the second quarter and was only recently replaced with a 15% tariff after a trade agreement was reached between the US and EU.

According to the data, the EU trade balance in goods fell from a surplus of €55bn during the first quarter of the year to €26bn during the second quarter.

“When ranking exports by value, the largest decreases were found in energy and in chemicals and related products. This was in large part due a peak in exports to the United States in quarter one. Imports decreased most for energy,” Eurostat said.

Despite the tariffs, the EU recorded a large trade surplus during the second quarter with the US, with machinery and vehicles and chemicals and related products contributing the most to the surplus.

There was a large deficit with China resulting from deficits in machinery and vehicles and other manufactured goods. These same two product groups caused surpluses with the United Kingdom and Switzerland.

The EU's deficit with Norway was caused mainly by imports of energy products.