New motor vehicle registration during the month of August fell 38.7 percent Year-on-Year (YoY) to 27, 766 amidst import duty increase on motor vehicles, the official data issued by the Central Bank showed.
During August the importation of motor cars fell as sharply as 62.8 percent YoY to 1, 880 while importation of three wheelers and motor cycles also fell 38.7 percent and 36.6 percent YoY, respectively.
The importation of buses too slowed down 38.7 percent YoY to 27, 766 while dual purpose vehicle importation saw a 45.5 percent YoY drop during August.
Meanwhile, new vehicle registration for the period from January to August 2012 fell 14.2 percent YoY to 289, 475 with importation of motor cars and dual purpose vehicles sliding most.
Earlier in the year the government imposed new taxes of as much as 100 percent the import value on most of the imported motor vehicles to ease congestion on roads and reduce the oil import bill amidst a balance of payment crisis. (Indika Sakalasooriya)