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Surge in vehicle imports

Dec 27, 2010 10:33:46 AM - itnnews.lk

The number of vehicles imported by Sri Lanka continues to surge after a sharp import duty reduction.

New registrations were up 74 percent to 284,991 in January – October this year from a year ago. Latest data shows that in October alone, the number of vehicle registrations shot up 61 percent to 34,183 from a year ago, driven mainly by imports of cars which zoomed 914 percent to 3,753. According to Central Bank data, vehicle imports have been rising sharply since June, when the import taxes were slashed by the Government as economic growth began accelerating after the end of the war.

Economic growth is expected to hit eight percent this year and government revenue has also risen despite lower import duty owing to the flood of vehicle imports. According to central bank data, bus imports have shown the sharpest increase this year.