Associated Press/Bullit Marquez - A Government worker uses a cutter to slash a counterfeit Louis Vuitton handbag during a ceremonial destruction of counterfeit goods seized in raids recently at parade grounds of the Philippine National Police at suburban Quezon city, northeast of Manila, Thursday June 30, 2011. The ceremonial destruction of pirated DVDs and other counterfeit goods was done to coincide with the global celebration and awareness campaign known as World Anti-Counterfeiting Day. (AP Photo/Bullit Marquez)[/caption]The American economy loses $250 billion as a result of counterfeit products each year, according to a recent report. Despite the impact, only a fraction can be detected and confiscated by the government.
Approximately $1.26 billion worth of counterfeit goods originating overseas were seized by the U.S. Customs and Border Protection (CBP) in 2012. Each seizure averaged $10,450 worth of counterfeit goods. The three most confiscated items in 2012 were handbags and wallets; watches and jewelry; and wearing apparel and accessories. 24/7 Wall St. reviewed the 10 most counterfeit items seized in 2012, based on their retail value.
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The value and the number of seizures changes dramatically each year due to the products sold and the success of CBP operations. The value of handbags and wallets seized in 2012 rose 142% compared to the previous year. Therese Randazzo, the director of the Intellectual Property Policy and Programs Division for the CBP, explained that CBP officials may seize knockoffs of more expensive brands in one year than in another. Read the entire story
