This trade of counterfeit and pirated goods was 3.3% of the total global trade in 2016, as per customs seizure data.
A new report by the EU’s Intellectual Property Office and the OECD has revealed shocking data regarding trade of fake and counterfeit products. While China and Hong Kong are marked as source of 63% of these fake and counterfeit goods, India is a distant third with 3.4%. According to the report, apart from China, Hong Kong and India, the UAE and Singapore join them to make the top five which accounted for nearly 73% of fake goods exported across the globe in 2016.
This trade of counterfeit and pirated goods was 3.3% of the total global trade in 2016, as per customs seizure data. The value of these imported fake goods across the world is $509 billion. However this data does not include fake and pirated products produced and consumed domestically or those pirated products which are being distributed online.
According to 2016’s data made available now, the biggest share of these goods came from footwear, cloths, leather products, electricals, watches, medical equipment, jewellery, perfumes, toys and pharmaceuticals. A prime and growing conduit for these counterfeit goods are small parcels sent by express courier or post. The report added that small parcels accounted for 69%, by volume, of total customs seizures.
The United States with 24% of fake products is the most affected by counterfeiting in 2016 followed by France at 17%, Italy at 15%, Switzerland at 11% and Germany at 9% as per OECD.