The cost of hauling laden containers to Rotterdam from Shanghai increased to US$13,787 per unit. The average over the previous five years was $1,670.

The surge means shipping costs represent three per cent of a typical boxload of goods such as clothing and toys.

Small companies having trouble absorbing the impact of higher costs, companies who have less reputation when it comes to negotiating feed.

Small and medium businesses rely on international trade to employ six million people across the continent. In 2017, the businesses were responsible for 32 per cent of total imports for the EU and 41 per cent of exports.