Tuesday, 06 April 2021 09:28

Sri Lanka’s vehicle imports down in February declining expenditure Featured

Sri Lanka’s vehicle imports have been brought down to minimum level following the on going import restrictions enforced by the government to save much needed foreign exchange and prevent the dwindling of foreign reserves.

The massive expenditure for the vehicle imports have also been curtailed during the first two months this year from the new high in spending of Rs. 1,239 billion to import vehicles from 103 countries during the period from 2015 to 2019, State Minister of Finance Ajith Nivard Cabraal said.

He further said that the total number of vehicles imported during the period from 2015 to 2019 was 2,515,546.

Total Vehicle registrations recorded 3,558 units in Feb marginally up from 3,256 units in Jan but significantly down from 31,402 units 12 months ago, JB Securities revealed.

The main contributor for the increase was a higher number of hand tractors, a category that is not under an import ban and an uptick from locally assembled vehicles.

According to a report released by JB Securities, vehicle registrations in February this year showed some improvement compared to the previous month.In January this year a total of 3,256 units were registered.
(Lin )

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