German woes mount

GerManY has reported its first monthly trade deficit since 1991, sparking fears about the health of europe’s largest economy.

economic woes – including rising inflation, spiralling energy prices and the war in ukraine – mean it imported more than it exported for the first time in more than 30 years.

the trade deficit reached almost £860m in the year to May as exports fell 0.5pc to £108.2bn in May from the previous month, and imports increased 2.7pc to £109bn.

the figures are a shock for a country synonymous for selling cars, aircraft and pharmaceuticals around the world. the news comes as an imminent hike in interest rates by the european Central Bank looms.