Counterfeiting in Figures – Slovenia, EU and Global Overview
The Slovenian business news portal Finance.si has recently published an article on the problems associated with counterfeiting and the negative impacts of counterfeiting on the Slovenian economy, as well as at the EU and global levels.
According to the article, the total annual value of counterfeit goods has reached more than EUR 1.57 trillion (USD 1.79 trillion) globally, which is equal to 7 percent of the entire world trade. It is expected that globally this year three times more money will be turned over by selling counterfeits than seven years ago. In Slovenia, only in the first half of 2015, the customs authorities seized over EUR 16.5 million (USD 18.8 million) worth of counterfeits, compared to EUR 12.5 million (USD 14.3 million) worth of counterfeits seized in the entire 2014. The article also states that in recent years the trade in counterfeit goods has become the most profitable criminal activity and that the profits from the sale of fake tobacco products may be used to finance terrorist groups.
According to a recent report of the European Observatory on Infringements of Intellectual Property Rights on the economic cost of IPR infringement in the clothing, footwear and accessories sector, the EU clothing and footwear manufacturers lose EUR 26.3 billion (USD 29.9 billion) a year due to a high number of cheaper fake products on the market. The yearly economic damage to the Slovenian fashion industry caused by selling counterfeit clothes, shoes and fashion accessories is estimated at EUR 54 million (USD 61 million).
Although apparel, footwear and fashion accessories make up the largest share of counterfeit goods worldwide, the most serious consequences are felt in the pharmaceutical industry. As the article states, globally each year more than 700,000 deaths are attributed to fake medicinal products. Interestingly, 75 percent of counterfeit medicines are produced in India and only 7 and 6 percent in Egypt and China, respectively. It is estimated that the global market for fake medications could be worth more than EUR 500 billion (USD 569 billion) annually. Each day, the Customs at the Slovenian Post Office inspects five to seven consignments containing original or fake medicinal products. Most of the counterfeit pharmaceuticals detected in 2014 originated from India, China and Singapore.
Prepared by: Barbara Mencin
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Source: Slovenian business news portal Finance.si; OHIM report
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