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Counterfeit goods total $509B, 3.3% of global trade and growing

March 20, 2019 / Shefali Kapadia
SHARESHARESHARE

Counterfeit and pirated goods made up 3.3% of global trade volumes in 2016, totaling an estimated $509 billion, up from 2.5% in 2013, according to a report from the Organization for Economic Cooperation and Development.Footwear, clothing and leather goods topped the list of industries hit most by counterfeit products. In 2016, 22% of all customs seizures were for counterfeit footwear. Most of the fake goods originated in China or Hong Kong, OECD said."Small parcels sent by post or express courier are a prime and growing conduit for counterfeit goods," the organization said. From 2014 to 2016, small parcels accounted for 69% of customs seizures, up from 63% from 2011 to 2013. Counterfeits account for a relatively small percentage of global trade volumes, but the fact that they are traded at all and that the percentage is growing "very significantly," according to OECD, rings alarm bells for global supply chains.