July 31, 2017 (LBO) – Sri Lanka’s expenditure on motor vehicle imports declined by 32 percent to 194 billion rupees in 2016 compared with 2015 when Sri Lanka’s expenditure for motor vehicle imports was the highest ever of 288 billion rupees.
The annual report of the country’s vehicle market, compiled by the Ceylon Chamber of Commerce, highlights that this sharp drop was mainly driven by motor cars.
The report further shows that, with this significant decline of motor vehicle imports, vehicle registrations also declined by 26 percent compared with 2015.
More than half (54%) of the current vehicle population consists of motor bicycles followed by three-wheelers (16%) and motor cars (11%).
Sri Lanka reached a 6.8 million motor vehicle population in 2016, an 8 percent increase from 6.3 million registered in 2015, the report showed.
The report, prepared by the Economic Intelligence Unit of the Ceylon Chamber of Commerce, provides a detailed statistical analysis and industry overview of Sri Lanka’s Vehicle Market.
It features the latest information on registration; vehicle population; imports of vehicles by vehicle category and an overview on the global vehicle market and global hybrid and electric vehicle market.