More than half of the global counterfeit products are produced in China – OECD study
Almaty. April 19. Silkroadnews – The global counterfeit goods turnover is around $500 billion a year, the official website of the Organization for Economic Cooperation and Development (OECD) informs, KazTAG reports.
“The turnover of imports of counterfeit and pirated goods account for almost half a trillion dollars a year, or about 2.5% of all global imports. The hardest hit brands are U.S., Italian and French,” says the OECD report and the Office of Intellectual Property of the European Union.
It is noted that up to 5% of the goods shipped to the European Union are fakes.
Reportedly, a major producer of counterfeit goods is China making 63.2% of all counterfeit goods and followed by Turkey (3.3%) and Singapore (1.9%). The total list of counterfeit vendors also includes Thailand, India, Morocco, the United Arab Emirates, Pakistan and Egypt.
The hardest hit brands are U.S. (20%), Italian (15%), French and Swiss (12% each), followed by Japan, Germany, United Kingdom, Luxembourg, Finland, Spain, Belgium. China was also on the list with around 1% of Chinese products, mainly in the field of innovative technologies.
It is reported that counterfeit products can pose a risk to human life and health.
“Counterfeits affect all areas – from women’s handbags and perfume to auto parts and chemicals. Shoes seem to be the most counterfeited items, though counterfeits can also be found in such potentially life-threatening areas as auto parts, pharmaceuticals that makes people get sick, toys that can harm children, baby food and medical devices giving incorrect readings,” the report says.
