Counterfeit products cost European clothes, cosmetics and toy makers to lose around 16 billion euros (nearly $17.5 billion) in sales annually, according to a study published Tuesday.

Around 200,000 jobs have also been lost as a result of the fraud, the new research from the EU Intellectual Property Agency (EUIPO) shows.

"Counterfeit goods cause real costs – for consumers, for brands and our economies. This latest study shows the very real costs in terms of lost sales and jobs in the EU," EUIPO Executive Director Joao Negrao said.

Germany's toy industry is among the hardest hit sectors in the EU, accounting for a third of annual sales losses (334 million euros) due to counterfeit goods.

The country most affected by counterfeiting in the clothing sector is the Greek Cypriot administration, while in the cosmetics sector, it is France.

The clothing industry loses almost 12 billion euros in revenue every year or 5.2% of its total turnover.

The European cosmetics sector and the toy industry also reported significantly lower sales due to counterfeit branded products: Turnover losses amounted to 3 billion euros for cosmetics (4.8%) and 1 billion euros for toys (8.7%).

Counterfeiting also has a significant negative impact on the labor market. According to the EUIPO study, which is based on data from 2018 to 2021, 160,000 jobs have been lost in the clothing sector, 32,000 in the cosmetics sector and 3,600 in the toy sector.