• Trade in fake goods has worsened to almost half a trillion dollars: OECD

    Counterfeited and pirated goods accounted for up to 2.5 per cent of world trade, or as much as $461 billion, significantly damaging companies and state coffers, the Organisation for Economic Cooperation and Development (OECD) said on Monday.

    The trade in fake products such as Louis Vuitton bags or Nike shoes has also worsened in the past decade, with a previous OECD study in 2008 estimating it at up to 1.9 per cent of world imports or $200 billion.

    The impact of counterfeiting is greater for rich countries – where most of the companies making the highly desirable branded goods are based – with the European Union importing up to 5 per cent of fakes in 2013, or as much as $116 billion.

    The Paris-based think-tank said China appeared as the largest producer of counterfeited products, but that the intellectual property rights of Chinese companies had also been frequently infringed.

    The OECD cited the post-financial crisis revival in trade, the emergence of globalised value chains and booming e-commerce as reasons for the rise in pirated goods trade since 2008. 

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