Sri Lanka vehicle registrations pick up in Nov 2016
ECONOMYNEXT – Sri Lanka’s vehicle registrations have picked up in November 2016 to 47,771 up from 43,807, across categories, though sharply down from a year earlier, an analysis by an equities research house shows.
Motorcycle registrations rose to 32,084 in November from 30,373 and three wheelers rose to 6,098 from 4,495 an analysis of motor vehicle registry data by JB Securities, a Colombo based brokerage shows.
Motor cycle registration fell to around 21,000 units a month after the government imposed credit restrictions.
Vehicle imports surged in 2015 after the government gave a large salary hike to state worker and then printed money, to finance its, driving credit and imports to unsustainable levels.
There has been a steady pick up in new registrations over the last quarter.
Motor vehicle registrations rose to 3,574 units in November up from 3402 units in October and 3,130 units in September.
Ownership of motor vehicle, including a motor cycle or three wheeler expands the freedom of mobility of an individual or family, lifting their living standards.
In Sri Lanka however vehicles are taxed at high rates. The availability of less expensive Indian-made cars motor cycles and three wheelers have transformed the lives of many less affluent families in Sri Lanka. (Colombo/Dec26/2016)