水货

水货	shuǐ huò	smuggled goods / unauthorized goods
水	Shuǐ	surname Shui / Shui ethnic group
水	shuǐ	water / (after a name) ... River / to swim (used mostly in 会水 and 水性) / (coll.) lacking in substance; shoddy / (bound form) additional cost; extra income / classifier for washings of a garment
货	huò	goods / money / commodity / CL:个