Sri Lanka has imported more than 800,000 vehicles worth around USD 3.8 billion since import restrictions were lifted in 2024, Deputy Minister of Economic Development Nishantha Jayaweera told Parliament on Tuesday.
Jayaweera said Letters of Credit (LCs) worth USD 1.9 billion were opened in 2024 and 2025, and LCs worth USD 1.69 billion have been opened in 2026.
This year, the country has imported more than 79,000 cars, 12,000 commercial vehicles, 3,148 buses and vans, 317,000 motorcycles and 40,000 three-wheelers, he said. In 2025 the figures were more than 90,000 cars, 11,000 commercial vehicles, 2,185 buses and vans, 225,000 motorcycles and 22,000 three-wheelers.
Opposition members had said foreign reserves had declined because of the vehicle imports. Jayaweera said the government holds about USD 6.9 billion in reserves despite that spending.
Foreign reserves affect the exchange rate and the cost of imported goods, which matters to households and businesses in Sri Lanka.
The government expects reserves to reach USD 8 billion by the end of this year, the Deputy Minister said.
