AASA: U.S. Trade Deficit Hurts Automotive Supplier Industry - aftermarketNews

AASA: U.S. Trade Deficit Hurts Automotive Supplier Industry

The disparity between automotive parts exports ($48 billion) and parts imports ($74 billion) drove the U.S. auto parts trade deficit to $26 billion in 2003, according to the 2004 Automotive Aftermarket Status Report, just released by the Automotive Aftermarket Suppliers Association (AASA).

RESEARCH TRIANGLE PARK, NC — The disparity between automotive parts exports ($48 billion) and parts imports ($74 billion) drove the U.S. auto parts trade deficit to $26 billion in 2003, according to the 2004 Automotive Aftermarket Status Report, just released by the Automotive Aftermarket Suppliers Association (AASA).

The report notes that Japan continues to be the most significant contributor to the trade deficit. However, China’s imports are up 300 percent, making the country the fifth-largest source of U.S. automotive parts imports.

Counterfeit parts are an additional concern, according to AASA. Fake parts and intellectual property rights violations cost the U.S. automotive industry nearly $3 billion and cost the global industry $12 billion each year.

“Canada is the only major U.S. trading partner with an automotive surplus,” said Frank Hampshire, AASA director of market research. He noted that Mexico and Canada are the largest U.S. trading partners, with much of the exports of parts and components being imported later as finished goods.

The Automotive Aftermarket Status Report, which has been published annually since 1998, illustrates information, future aftermarket trends and analysis with numerous charts and graphs. This year, the publication also includes a membership directory of AASA, MEMA’s aftermarket market segment association.

MEMA member companies can order additional copies of Status Report for $125. Non-members may order the report for $500. Orders may be placed by calling 919-549-4800 or by e-mailing [email protected].

For more information about MEMA and its market segments, go to: www.mema.org.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

MANN+HUMMEL NA Aftermarket Shows Right to Repair Support

Representatives from MANN+HUMMEL’s North American aftermarket brands recently visited Capitol Hill to express their support for H.R. 906.

Representatives from MANN+HUMMEL's North American aftermarket brands, which includes WIX Filters, Purolator Filters and MANN-FILTER, recently visited the legislative staff of U.S. Rep. Jeff Jackson of North Carolina’s 14th Congressional District. The purpose of the visit was to express support for the Right to Repair campaign.

MEMA Issues Statement on Tax Relief for Working Families Act

This measure contains the restoration of one year deductibility of research and development expenses, a key legislative priority for the association.

SEMA Urges Members to Support Tax Relief Bill

The Tax Relief for American Families and Workers Act of 2024 benefits specialty automotive aftermarket businesses, according to SEMA.

SEMA Action Network
ASA Endorses Bipartisan Tax Framework

The Automotive Service Association says the legislation is beneficial for independent automotive repair businesses.

Industry Partners Urge Congress to Pass R&D Deductibility Fix

“Congress must restore this tax provision to enhance U.S. competitiveness, job creation and innovation as soon as possible,” said Ann Wilson, MEMA’s executive vice president of government affairs.

Other Posts

Legislators Challenge Vehicle Data Access ‘Double Standard’

Rep. Marie Gluesenkamp Pérez joined other legislators in sending a letter to NHTSA about proposed guidance for implementing the Massachusetts Right to Repair law.

House Passes Bill to Stop EPA Emissions Mandate

The U.S. House passed the “Choice in Automobile Retail Sales (CARS) Act” (H.R. 4468) with bipartisan support.

Opposition Grows for California’s Mandate Banning New Gas-Powered Vehicle Sales
U.S. House Schedules Vote to Stop EPA Emissions Mandate

The SEMA-supported bill would prohibit the EPA from finalizing federal emissions standards for light- and medium-duty motor vehicles model years ’27 to ’32.

emissions
Section 301 Tariffs & Circumvention: A Closer Look

There’s buzz suggesting that these tariffs are likely here to stay, possibly with even steeper charges on specific items.