According to the latest study, based on Istat data relating to foreign trade in January 2021, Made in Italy exports have dropped by around 38.3 percent due to red tape hindering trade. Most exported Italian products to the UK are foods, transport, clothing, machinery and appliances and metals.
The study also found British imports into Italy have also decreased by up to 70.3 percent.
MEP Paolo de Castro argued these exports and imports are paying the price of Brexit.
He said: "Brexit is turning out to be a tragedy, not only for us, but above all for the British, who are realising it more and more every day.
"Unfortunately, we are experiencing many bureaucratic-administrative problems.Insurance Loans Mortgage Attorney Credit Lawyer
Made in Italy products face crisis over Brexit (Image: Getty)
MEP Paolo de Castro (Image: Getty)
"With the Wine Intergroup we requested a suspension until an electronic platform of export certificates was set up to solve the great problems we are experiencing in wine exports."
The UK ranks fourth among Italian food and beverage trading partners after Germany, France and the US.
Difficulties in trade with the UK could put at risk the 3.4 billion Made in Italy agri-food exports recorded last year.
This comes after Boris Johnson signed a Brexit trade deal with the EU back in December.
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European Commission President Ursula von der Leyen (Image: Getty)
As of January 1, the UK left the EU Single Market but red tape has forced the Prime Minister to pay compensation to the British fishing industry.
Mr De Castro spoke at the second day of the Valpolicella Annual Conference organised by the Consortium for the protection of Valpolicella wines.Insurance Loans Mortgage Attorney Credit Lawyer