Sri Lanka imports over 800,000 vehicles worth US$3.8 billion
Sri Lanka has imported more than 800,000 vehicles worth around US$3.8 billion since vehicle import restrictions were eased in 2024, Deputy Minister of Economic Development Nishantha Jayaweera told Parliament.
The Deputy Minister said Letters of Credit (LCs) worth US$1.9 billion were opened during 2024 and 2025. A further US$1.69 billion in LCs had been opened so far in 2026.
Vehicle imports have increased significantly this year. More than 79,000 cars, 12,000 commercial vehicles, 3,148 buses and vans, 317,000 motorcycles and 40,000 three-wheelers have been imported in 2026.
In 2025, Sri Lanka imported more than 90,000 cars, 11,000 commercial vehicles, 2,185 buses and vans, 225,000 motorcycles and 22,000 three-wheelers.
Responding to concerns that higher vehicle imports could put pressure on foreign reserves, Jayaweera said Sri Lanka currently has around US$6.9 billion in reserves despite the increased spending on vehicle imports.
The government is also targeting US$8 billion in foreign reserves by the end of 2026, he said.
More updates to come on AusNewsLanka.
Source : Daily Mirror News
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