Between last November and now, the Red Sea crisis has cost Italy 8.8 billion euros, or 95 million per day, in foreign trade. This figure is the outcome of assessing the impact of a decrease in merchant ship traffic between the Indian Ocean and the Red Sea on Italy's trade flows with Asia, Oceania, Persian Gulf countries, and South-east Africa. For example, Italy has lost €3.3 billion, or €35 million per day, in the last three months due to missed or delayed exports, as well as €5.5 billion (€60 million per day) due to a lack of manufactured goods supply. The estimate was made by Confartigianato according to which Italian micro and small enterprises are those at greatest risk in Europe. Their direct manufacturing exports to non-EU nations account for 32.7% of the European total, more than doubling the value of their German counterparts.
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