US$ 600 million spent on vehicle imports in first three months of 2026
May 18, 2026 09:52 pm
Sri Lanka is likely to spend more foreign exchange on vehicle imports in 2026 than initially anticipated, according to the Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe.
Speaking at a media briefing today (18), Governor Dr. Weerasinghe stated that nearly US$2 billion had been spent on vehicle imports last year, exceeding the earlier projection of between US$1.5 billion and US$1.7 billion.
He noted that the higher import volume had also resulted in increased revenue for the Treasury through taxes and duties collected on vehicle imports.
According to the Governor, close to US$600 million has already been spent on vehicle imports during the first three months of 2026.
He warned that if the current trend continues for the remainder of the year, total vehicle import expenditure could reach approximately US$2.4 billion by year-end, surpassing last year’s figures.
Dr. Weerasinghe further said that the Ministry of Finance had projected lower vehicle imports in 2026 compared to the previous year, but current data indicates that imports may exceed those expectations.
However, he stressed that there is currently no indication that the increase in vehicle imports would negatively affect the government’s revenue targets.
