Economy loses €141m each year in counterfeit goods, says patent office

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The economy of Latvia annually loses more than €141m due to counterfeit goods, the Patent Office's Director Sandris Laganovskis told a press conference on October 25.

In addition, counterfeit goods cause a loss of approximately 2,500 jobs, said Laganovskis.

Counterfeit goods are becoming increasingly different - in the past, footwear and clothes accounted for the majority of counterfeit goods, but as of late there have been increasingly many counterfeit consumer electronics, medications, automobile spare parts and other products.

However, it is counterfeit footwear and clothes that continue to cause the largest losses - around €70 million annually, and about 1,600 jobs are lost due to counterfeit footwear and clothes. Counterfeit perfumes cause Latvia a loss of €6 million and 600 jobs every year.

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