The operation followed tip-offs to Walsall Council that 'fake goods' were regularly sold at the popular market.
Police and trading standards officers swooped on stalls selling fake makeup items, bags, trainers and more on Sunday.
As officers approached traders to ask about the items, several stallholders ran away abandoning their stalls and goods at the same time.
Market vehicles were also examined by Trading Standards, as traders had been seen rapidly removing goods from sale and then transferring them between vans.
Intelligence has already been shared by the police, Trading Standards and the Anti Counterfeiting Group to trace any traders who left the scene.
Police and council officers then seized a wide range of fake goods from the market place, including large quantities of scent up for sale under branded names like Kylie, Calvin Klein, Thierry Mugler, Jimmy Choo, Miss Dior and Paco Rabanne.
Fake makeup brands masquerading as 'Mac' and 'Nars', along with boxed sets of cosmetics were also removed.
Other items taken were copies of Ralph Lauren and Louis Vuitton leather belts and bags, imitation trainers and Armani, Boss and North Face clothes.
A number of cigarette lighters and around 100 pouches of hand rolling tobacco were also seized.
The total street value of the goods is estimated to be in excess of £30,000.
Councillor Julie Fitzpatrick, spokesman for Regulatory Services said: "Part of Trading Standards role is to protect the public and legitimate traders from illegal copies of branded goods that are often of poor quality and undermine genuine business activity.
"At this time of year markets become a popular venue for customers seeking last minute presents and bargains, however some bargains are not what they appear to be.
"Any tobacco products sold on markets must be treated by customers with extreme caution as their contents and source of manufacture are often unknown.
"Counterfeiters do not care about the consequences of their actions on customers, legitimate businesses, or the local economy. ''
A similar raid took place in 2011, which saw 2,000 counterfeit goods with a street value of £20,000 seized in the run up to Christmas.