15 Jun, 2019 @ 08:38
1 min read

Fake goods costing Spain and EU billions each year

policia

FAKE products are costing Spanish businesses the equivalent of 10.6% of sales, a new report has found.

At least €6.7 billion worth of sales are lost in Spain each year to counterfeit goods, according to the report by the European Union Intellectual Property Office (EUIPO).

According to the latest EUIPO data, the global trade in fake goods rose to €452.9 billion in 2016, representing 3.3% of world trade.

In the previous report, based on data from 2013, the figure was €338 billion, or 2.5%.

The fashion industry is the worst hit, with losses totalling €28.4 billion in Europe (9.4% of total turnover).

Pharmaceuticals are the second hardest-hit, suffering losses of €9.6 billion, followed by cosmetics on €7 billion.

Counterfeit wines and spirits cost companies 5.9% of their business or €2.4 billion.

The impact of fake products is worse in Spain than the EU average in several sectors.

The country’s fashion industry sees 14.9% of sales lost to counterfeit goods, pharmaceuticals 4.5%, wines and spirits 8.3% and smartphones 10%.

In real terms, analysts say it costs the EU 480,000 jobs, which in turn leaves the bloc missing €16 billion a year in tax revenue.

Across the EU, the total economic impact of fake products is estimated at around €92 billion.

Laurence Dollimore

Laurence Dollimore is a Spanish-speaking, NCTJ-trained journalist with almost a decade’s worth of experience.
The London native has a BA in International Relations from the University of Leeds and and an MA in the same subject from Queen Mary University London.
He earned his gold star diploma in multimedia journalism at the prestigious News Associates in London in 2016, before immediately joining the Olive Press at their offices on the Costa del Sol.
After a five-year stint, Laurence returned to the UK to work as a senior reporter at the Mail Online, where he remained for two years before coming back to the Olive Press as Digital Editor in 2023.
He continues to work for the biggest newspapers in the UK, who hire him to investigate and report on stories in Spain.
These include the Daily Mail, Telegraph, Mail Online, Mail on Sunday and The Sun and Sun Online.
He has broken world exclusives on everything from the Madeleine McCann case to the anti-tourism movement in Tenerife.

GOT A STORY? Contact newsdesk@theolivepress.es or call +34 951 273 575 Twitter: @olivepress

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Previous Story

Brothers cuffed after trying to stuff 11 champagne bottles down one of their tops in huge shoplifting FAIL on Spain’s Costa del Sol

Next Story

BBQ King: Ingenious pellet stove barbecues are a dream come true for cooking outdoors

Latest from Business & Finance

Go toTop

More From The Olive Press