Black-market traders have increasingly been tapping into an invisible network to funnel a wide range of goods into global markets right under the noses of customs and border protection agents—to the tune of over $500 billion.
All of the merchandise —including luxury designer wares such as Chloé ankle boots, Chanel Le Boy bags, Saint Laurent wallets or chic Ray-Ban shades — are not authentic brand-name products but inexpensive replicas that are undeniably, shamelessly fake.
And they now command a half-trillion-dollar market that’s expanding at astronomical rates.
The market for counterfeit goods has reached alarming proportions, powered by tech-savvy traders lurking in dark corners of the internet.
According to a report by the European Union’s intellectual property office (EUIPO) and the Organization for Economic Co-operation and Development (OECD), the market for illicit goods has grown by over 100 percent over the past decade, with counterfeits accounting for 3.3 percent ($590 billion) of international trade in 2016 compared to $250 billion in 2008. Interestingly, the surge came against a backdrop of falling global trade volumes.
China leads the way
The report was compiled by analyzing thousands of customs seizures, with footwear, clothing, leather goods and IT equipment topping the list of the most frequently seized imported fakes.
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Source: The Guardian
The report also reiterated another well-known trend: China, by far, remains the biggest source of fake goods. China was the main source of counterfeit products in 9 out of 10 categories tracked by the trade watchdogs with as many as 27 percent of seized goods being traced back to the country. Other leading offenders include India, Malaysia, Pakistan, Turkey, Thailand and Vietnam....MUCH MORE
