India ranks on 5th Place in forge goods trade, China on Top in the list

Posted on:02 May 2016 16:09:38
India ranks on 5th Place in forge goods trade, China on Top in the list
02 May 2016 Current Affairs: India ranks fifth position in the exports of Fake goods globally, while china is No.1 in the list with a huge 63 % share in the estimated half-a-trillion dollar worldwide imports of forged and pirated goods.

Ranking of Countries affected by global Trade in fake foods:

US

Italy

France

Switzerland

Japan

Value of imported fake goods worldwide at USD 461 billion in 2013, compared with total imports in world trade of USD 17.9 trillion. 5% of goods imported into the European Union are fakesHalf a million customs seizures around the world over 2011-13Fake products handbags, perfumes, machine parts, chemicals and footwear.Causes of Counterfeiting – Endanger lives: Auto parts that fail, pharmaceuticals that make people sick, toys that harm children, baby formula that provides no nourishment and medical instruments that deliver false readingsPostal parcels are the top method of shipping forged goods, accounting for 62% of seizures, reflecting the growing importance of online commerce in international trade.

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