While uncertainty about the future of the international trading system is doubtless a key contributor, other factors are also contributing to weak international trade, such as the rebalancing of the Chinese economy away from export-oriented manufacturing towards domestically-oriented services sectors, and a maturing tech cycle which has affected key Asian economies through closely integrated supply chains.
[39]  Chart 20 Euro area goods exports to countries outside the euro area (volumes; 3-month moving averages, annual percentage changes; percentage point contribution)  Sources: Eurostat, ECB staff calculations. Note: July 2019 for the United States, China and Turkey and June 2019 for all other countries/regions.Latest observation: July 2019.