Statistics confirm that vehicle imports have been crippled

Deputy Minister of Finance and Planning, Anil Jayanta Fernando, has stated that the amount of foreign exchange spent daily by Sri Lanka for vehicle imports has fallen below the US$ 4 million mark. The Minister also said that this successful development has been reported as a direct result of the government's decision to impose a temporary surcharge on vehicle import customs duties.

According to last year's data, Sri Lanka spent an average of US$ 5.5 million per day on vehicle imports, but this year, due to the increase in the value of Letters of Credit opened for vehicle imports, that daily expenditure had risen to US$ 7 million. Although on some days the value of vehicle import Letters of Credit had reached a high of US$ 88 million, it is now evident that the amount of foreign exchange spent on vehicle imports is gradually decreasing due to the new financial policy introduced at present.

The Deputy Minister further stated that the positive impact of the measures taken by the government is well confirmed by the daily average expenditure being limited to less than US$ 4 million, especially in June, and that he believes those decisions have been successful as expected. According to an extraordinary gazette notification issued by the Ministry of Finance, Planning and Economic Development under Section 10A of the Customs Ordinance (Chapter 235), as amended by Act No. 83 of 1988, steps have been taken to impose a temporary surcharge of 50 percent on imported vehicles, effective from May 15, 2026.