Apr 25, 2014 (LBO) – India was the source of 72 percent of vehicles and parts imported to Sri Lanka in 2013, with second coming second, with 20 percent, the Ceylon Chamber of Commerce. In terms of value India was 45 percent and Japan 38 percent, the chamber said, citing a study by its economic intelligence unit.
Total spending on import of vehicles and spares had fallen 17 percent in 2013 from a year earlier, the chamber said without giving actual values.
Imports of diesel three wheelers, passenger vehicles, good vehicles, motor cycles, concrete mixer lorries had fallen in 2013 in both value and quantity terms. While crane lorries and bicycle imports had gone up.
Passenger vehicles with engines below 1000 cubic centimeter capacity had fallen but larger cars over 3000 cc and between 1000 to 3000 cc had risen.
Sri Lanka’s rulers raised taxes on cars in 2012 after printing money to manipulate interest rates amid massive bank credit to taken to subsidize imported energy generated a balance of payments crisis.
Though balance of payments crises are a money and credit problem, analysts say long-standing Mercantilist ideas in the country makes authorities blame indivi