Counterfeit Goods Cost Malta Millions in Lost Sales, EU Report Shows
· Updated
In brief
- Malta loses millions in sales annually due to counterfeit goods, according to a new EU report.
- The jewellery and watches sector alone faces annual losses of €7 million.
- The report highlights the impact of fake products on various industries, including handbags.
Counterfeit goods are costing Malta millions of euros in lost sales each year, according to new figures published by the European Union Intellectual Property Office (EUIPO).
The report indicates that the jewellery and watches sector in Malta is particularly affected, suffering annual losses of €7 million due to fake products. This figure represents a significant impact on a key part of the Maltese economy.
Beyond jewellery and watches, other sectors are also vulnerable to the presence of counterfeit items. The report specifically noted further losses in the handbags sector, underscoring the broad reach of this issue.
Lovin Malta reported that the total annual loss for Malta across various sectors due to counterfeit goods is estimated to be around €8 million. The findings highlight the ongoing challenge of intellectual property infringement and its financial consequences for local businesses.
The Spin Room
Low media divide. Both Lovin Malta and Times of Malta reported on the EU report regarding losses from counterfeit goods, focusing on the financial impact on Maltese industries.