Fake Rolexes most common counterfeit watches smuggled into S.Korea

After the COVID-19 crisis, it has been revealed that counterfeit goods smuggling is on the rise once again. According to data submitted by the Korea Customs Service to Representative Koh Yong-jin (Democratic Party) of the National Assembly's Planning and Finance Committee on Friday, the scale of imported counterfeit watches and bags from 2018 to the end of July this year amounted to $1.26 billion (1.7 trillion won).

By year, in 2018, it was $296 million, and in 2019, it increased to $348 million. However, in 2020, during the height of the COVID-19 pandemic, it dropped to $91 million, and in 2021, it further decreased to $39 million.

Nonetheless, last year, a total of $369 million worth of counterfeit watches and bags were seized, and as of July this year, $93 million worth has been confiscated.

Notably, the amount of seized counterfeit watches increased significantly from $740,000 in the previous year to $238 million in the last year.

From last year to July this year, Rolex was the brand with the highest amount of seized counterfeit watches, amounting to $96 million. This accounts for about 90% of the total amount of seized watches from the top 10 brands.

For counterfeit bags, Louis Vuitton took the top spot with $43 million, followed by Burberry ($42 million), and Chanel ($37 million).

"It is necessary to strengthen customs enforcement at the border to ensure thorough detection of counterfeit goods before they enter the domestic market, along with the establishment of measures to prevent harms to consumers." said Rep. Koh.

Write to Bum-Jin Chun at forward@hankyung.com