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Vehicle imports surge

Apr 20, 2011 10:55:22 AM - itnnews.lk

Vehicle imports during last year increased by 215 percent to 117 billion rupees. It is an increase from 37 billion rupees in 2009.

According to a study compiled by the Ceylon Chamber of Commerce, the vehicle import market is experiencing rapid growth following the revision of import duty structure. India continued to dominate the Sri Lankan vehicle import market with a share of over 50% followed by Japan accounting for 30%.

The demand for small vehicles is robust. In terms of quantity imported, motor cycles and auto trishaws surpass all other types of vehicles. The report said that each year, Sri Lanka imports over 100,000 motorcycles. In 2010, the number of motor cycles imported showed exceptional growth of 97% and for the first time the number imported exceeded 200,000. Sri Lanka imports nearly 40,000 auto trishaws each year, but in 2010, the numbers grew by 194% with import of a record number of over 80,000 auto trishaws (petrol). There was an increase in demand for diesel auto trishaws in 2010 as well, which recorded a phenomenal growth of 427 per cent.