Illegal trade is the world's second largest economy
The value of illegal trade is 8% to 15% of the world economy, according to a recent study by Euromonitor consultancy signed by Philip Buchanan and Lourdes Chavarria.
The highest estimate is $ 12 trillion in 2014, the same size as China's GDP, the world's second largest economy.
In 2013, 2,3 billion pharmaceutical products and 470 million electronic products were confiscated around the world. In the US alone, more than $ 1,7 billion in counterfeiting was retained at the border in the same year.
Illegal trade is defined as the “production, import, export, sale and purchase of goods that do not follow the current legislation in any specific jurisdiction”.
They range from selling overdue medicines to counterfeiting famous brands or making alcoholic beverages at home.
Source: Exam (09/10)
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