Deputy Minister of Economic Development Nishantha Jayaweera has stated in Parliament that Sri Lanka has imported more than 800,000 vehicles worth over US$3.8 billion following the relaxation of vehicle import restrictions.
He said Letters of Credit (LCs) worth US$1.9 billion were opened during 2024 and 2025, while LCs worth US$1.69 billion were opened in 2026.
According to the Deputy Minister, more than 79,000 motor cars, 12,000 commercial vehicles, 3,148 buses and vans, 317,000 motorcycles and 40,000 three-wheelers have been imported so far this year.
In 2025, Sri Lanka imported more than 90,000 cars, 11,000 commercial vehicles, 2,185 buses and vans, 225,000 motorcycles and 22,000 three-wheelers.
Responding to opposition claims that rising vehicle imports have depleted the country’s foreign reserves, Jayaweera said Sri Lanka currently has approximately US$6.9 billion in foreign reserves despite the expenditure on vehicle imports.
He further stated that the government aims to increase the country’s foreign reserves to US$8 billion by the end of this year.
