The value of fake goods continues to surge according to a report by the OECD and the EU’s Intellectual Property Office published on 19 March.
From 2013 to 2016 the value of counterfeit products surged from $461billion to $509 billion, a 3.3% overall increase. In the EU, up to 6,8% of imports from non-EU member states are counterfeit, including fashion and footwear, telecommunication and IT equipment, watches, toys, pharmaceuticals, medical equipment, food and drink, and cosmetics.
The continued surge in illicit trade raises concerns both for corporations and public safety. Four Single Market states – France, Germany, Italy, and Switzerland – absorb over 50% of counterfeit goods.
China is by far the biggest country of origin of fake goods, followed by India, Malaysia, Pakistan, and Turkey.