Sri Lanka has successfully reduced its daily expenditure on vehicle imports from an average of USD 5.27 million to USD 3.9 million through measures introduced to curb imports amid ongoing economic pressures, Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando told Parliament.
Speaking yesterday (12), the Deputy Minister said that vehicle imports had averaged USD 5.27 million per day under normal conditions in 2025.
However, he noted that uncertainty surrounding the economy and public concerns had triggered a surge in vehicle imports, pushing daily spending to as high as USD 6.8 million as importers rushed to bring in vehicles.
Dr. Fernando said the ongoing conflict in the Middle East has created economic challenges for Sri Lanka, particularly through higher fuel prices and increased pressure on foreign exchange markets.
In response, the government introduced several measures to manage the situation, including appealing to the public to limit vehicle imports and implementing mechanisms to control the volume of imports entering the country.
According to the Deputy Minister, these efforts have already yielded positive results. During the first eight working days of June, excluding public holidays, Sri Lanka spent USD 31.72 million on vehicle imports, bringing the daily average down to USD 3.9 million.
“This demonstrates that vehicle imports have fallen to a level even lower than what we initially expected,” he said.
Dr. Fernando further warned that if the Middle East conflict continues to intensify, the government will need to closely monitor its impact on the domestic economy, particularly with regard to foreign exchange demand, import expenditure, and overall economic stability.