The latest trade data out of China shows that growth in exports slowed last month. There are worries that this may weigh on the economy. Customs officials say exports in August rose 7.1 percent from a year earlier. That's a drop of nearly 11 points from July. The slow growth was apparently the result of sluggish demand in the US and Europe where concerns are growing over economic slowdowns due to high inflation and interest rate hikes to deal with it.
However, imports grew only 0.3 percent. A slow recovery in demand in light of a resurgence of coronavirus cases in the country is seen as a main factor. Meanwhile, China's trade with Russia remained strong amid western sanctions on Moscow. Imports were up about 59 percent and exports also rose by around 26 percent year-on-year.