Daily vehicle import bill drops below USD 4Mn

Colombo, June 18 (Daily Mirror) - Deputy Minister of Finance and Planning Anil Jayantha Fernando said that Sri Lanka's daily foreign exchange outflow for vehicle imports has fallen to below USD 4 million following the introduction of a temporary surcharge on Customs Import Duties for vehicles.

Speaking on the impact of the measure, Fernando said that despite the surcharge, letters of credit (LCs) worth as much as USD 88 million were opened for vehicle imports on a single day. However, he said the policy has begun to reduce import-related foreign exchange expenditure.

According to the Deputy Minister, Sri Lanka spent an average of USD 5.5 million per day on vehicle imports last year. In 2026, the figure increased to around USD 7 million per day due to a rise in the value of LCs opened for vehicle imports.

"Now it is coming down. For example, the average per day in June was less than USD 4 million. So there is an impact, and we believe we have taken the right decisions," he said.

The Ministry of Finance, Planning and Economic Development implemented a temporary 50% surcharge on applicable Customs Import Duties for specified imported goods with effect from May 15, 2026.

The measure was introduced through an Extraordinary Gazette Notification issued under Section 10A of the Customs Ordinance (Chapter 235), as amended by Act No. 83 of 1988.