The strikes by the Houthis in the Red Sea, as well as the Suez Canal problem, are expected to have a significant economic impact in Italy. The trade between Italy and China totals 154 billion euros, accounting for 40% of all imports and exports through the Suez Canal. The decision to circumnavigate Africa by passing through the Strait of Gibraltar, which is situated at a considerable distance from Italian ports, is resulting in several negative consequences, according to logistics operators. These include a minimum of ten to fifteen additional days of navigation, sea freight rates increasing by 200 percent compared to 2023, insurance policies frequently escalating by a factor of ten, and additional expenses of 400 thousand euros for the single passage of an average ship. Furthermore, there is a significant decline in traffic within Italy in favor of Northern European ports, such as Antwerp and Rotterdam. Container traffic in Trieste declined by 25% in the first two months of 2024 compared to the previous year, and by around 35% in Livorno. The Suez Crisis is also having a significant impact on the industrial sector. Steel shipping costs have soared by 150% since the pre-crisis period.
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