ABSTRACTBiodiversity loss is mainly driven by changes in land use and overexploitation, with the commercial trade of wildlife being a smaller but still important contributor to resource depletion and species decline. The trade—including live animals, plants, fungi, and derived products—is a major economic sector valued at US$145–220 billion annually. The European Union (EU) is a key market, importing wildlife products worth approximately €100 billion. While legal trade has surged, illegal wildlife trade remains a significant transnational crime, estimated at US$20 billion annually and threatening endangered species. Monitoring wildlife trade is challenged by species‐level data gaps and inadequate regulation of many traded species, hindering conservation efforts and increasing biosecurity risks, including the transmission of zoonotic diseases. Global databases, like the United Nations Comtrade, provide insufficient species‐specific details, limiting regulatory effectiveness. The EU's database Trade Control and Expert System (TRACES) offers a powerful, underutilized tool for wildlife trade monitoring. Originally designed for biosecurity, TRACES enables real‐time tracking of wildlife imports across 90+ countries in 39 languages. It facilitates detailed data collection, cross‐border information sharing, accurate species identification, automated processing, and enhanced risk assessment. However, studies indicate that significant gaps in species identification persist, which could be mitigated through stricter enforcement and data verification. A more effective use of TRACES is needed to reinforce the EU's leadership in sustainable wildlife trade regulation, protecting endangered species while promoting ecological integrity.