China first and India fifth biggest importer of fake goods

While China continues to be the biggest importer of fake goods, India stands on the fifth position in terms of the export of counterfeit products. China shares a massive 63% in the estimated half-a-trillion dollar worldwide imports of counterfeit goods.

According to a new study by OECD (Organisation Economic Cooperation and Development) & European Union’s Intellectual Property Office, China is followed by Turkey, Singapore, Thailand and India from where most fake goods originate.

Chinese products account for the majority of the total seizures (63.2%) of counterfeit products imported globally while Turkey stood second with just 3.3% share.

The nations which are hit hardest by the global trade of counterfeit goods are US, Italy, France, Switzerland and Japan.

According to OECD, “Imports of fake and pirated goods are worth nearly half a trillion dollars a year or around 2.5% of global imports with US, French and Italian brands affected most by the same.”

Source: Hindustan Times