Lanka importing fewer used cars
Exports of used Japanese automobiles to Sri Lanka could fall by
roughly half in unit terms because of import duty hikes implemented
since October, the head of the auto Importers' Association told 'The
Sri Lanka was the biggest importer of used Japanese cars in 2015,
ranking sixth overall in unit terms. But it took in just 1,066 used
Japanese vehicles this May -- down 70% from a year earlier. Prices of
used midsize vehicles sank 14% to 1.45 million yen ($14,128).
Midsize hybrids have been taking the brunt of the stiffer tariffs.
Duties roughly doubled in May for Toyota Motor's Prius and Nissan
Motor's X-Trail Hybrid. In the face of this, imports of used BMWs and
Porsches are increasing, said Sampath Merenchige, president of the
Vehicle Importers Association of Lanka. Meanwhile, import duties on
Suzuki Motor's WagonR have eased, and orders for small vehicles have
been coming in, Merenchige said.
(Nikkei - Asian Review)