Auto parts industry enjoys bumper year in 2012: Scotiabank

Scotiabank says the Canadian auto parts industry enjoyed a bumper year in 2012, with full-year shipments accelerating 18 per cent to an annualized $23.8 billion.

However, the bank says in its Global Auto Report that competition from low-wage countries is increasingly cutting into that business, especially in the growing electronics segment.

Meanwhile, the bank says global vehicle sales moderated in February, undercut by weak volumes in western Europe and a distortion of purchasing patterns as a result of the Lunar New Year holidays in China.