US auto parts trade deficit

Recently, the American Association of Aftermarket Suppliers (AASA) released the 2004 Auto Aftermarket Research Report, stating: "In 2003, the United States exported 48 billion U.S. dollars worth of auto parts and imported 74 billion U.S. dollar components, which has already caused a deficit in auto parts trade. It reached 26 billion U.S. dollars. Japan continues to maintain its position as the largest beneficiary country in this trade deficit.” The increasing number of counterfeit parts imported from the United States has increased the trade deficit. The US auto industry pays nearly 3 billion U.S. dollars every year, and the world’s auto industry spends 12 billion U.S. dollars every year. News Source: Auto Parts Business Network