The Global Industry of Counterfeit Goods - 5/13/16
Perhaps you’ve seen someone at the airport or somewhere else in public with a really nice handbag, shoes, sunglasses or a wristwatch and thought, “I wonder if that’s real?” As it turns out, there’s a pretty good chance that it’s not.
A new report from the Organization for Economic Cooperation and Development indicates that the shady business of fakes and counterfeit goods has mushroomed into a global industry worth as much as four hundred and sixty one billion dollars.
As reported by CNNMoney, counterfeit trade amounted to as much as two point five percent of world trade in twenty thirteen, up from less than two percent in two thousand and eight. That’s equivalent to the size of Austria’s economy. Global data regarding customs seizers indicate that Rolex, Nike, Ray Ban and Louis Vuitton are the brands suffering the most knockoffs.
Footwear is the product counterfeited the most, followed by clothing and leather goods. The report singles out China as the top place where counterfeit goods are made and sold and notes that imports of fakes into the European Union account for five percent of total imports. Not only does this dilute the value of brands, it can also create health and safety hazards.