DURHAM, N.C. (June 23)—The U.S. auto parts trade deficit reached $26 billion in 2003, according to the 2004 Automotive Aftermarket Status Report issued by the Automotive Aftermarket Suppliers Association.
The value of import parts in the U.S. reached $74 billion last year, the report stated, compared with $48 billion in export sales by domestic parts producers. Japan is still the largest parts importer to the U.S., though China's imports increased 300 percent over 2002, the AASA said.
Counterfeit parts also remain a major problem, costing the U.S. auto industry nearly $3 billion annually and the global industry about $12 billion. The AASA is a subsidiary of the Motor & Equipment Manufacturers Association.