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Suzuki small cars dominate Sri Lanka August vehicle registrations

Tuesday September 25, 2018 4:34 pm

ECONOMYNEXT – Suzuki small cars continued to dominate new and pre-owned vehicle registrations in Sri Lanka in August as well as hybrids, an analysis by an equities research house shows.

In the brand-new segment, August recorded 890 units, marginally down from 904 units the previous month and 1,183 units 12 months ago, JB Securities, a Colombo-based brokerage said.

Small cars below 1,000 cc accounted for 93.4% of total volumes, it said.

“Maruti/Suzuki continued to be the market leader accounting for 465 units – 255 Wagon Rs, 150 Altos and 60 Celerio models,” the report said.

Financing’s share was 54.6%, slightly down from 55.2% the previous month.

“Preowned cars recorded 6,112 units in August, marginally down from 6,258 units in July but almost 200% up from 12 months ago,” JB Securities said.

Small cars accounted for 89.4% of total volumes – 5,466 units.

“Suzuki accounted for the bulk of small cars, recording 3,726 units,” JB Securities said.

The report said 650cc Suzuki models accounted for 3,486 units comprising mainly Wagon R followed by Spacia.

Next came Toyota with 1,493 units of which 1,000 cc models accounted for 1,020 units, mainly Vitz.

Financing’s share was 55.5% in line with the previous month.
(COLOMBO, 25 September, 2018)

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Economy

Sri Lanka cuts policy rates 250 basis points

Thursday June 1, 2023 7:36 am

ECONOMYNEXT – Sri Lanka cuts policy rates 250 basis points lowering the rate at which liquidity is injected to markets to 14.0 percent to from 16.50 percent, saying inflation was falling faster than expected.

“The Board arrived at this decision with a view to easing monetary conditions in line with the faster than expected slowing of inflation, gradual dissipation of inflationary pressures and further anchoring of inflation expectations,” the central bank said.

“The commencing of such monetary easing is expected to provide an impetus for the economy to rebound from the historic contraction of activity witnessed in 2022, while easing pressures in the financial markets.”

“Headline inflation (year-on-year), based on the Colombo Consumer Price Index (CCPI), continued the deceleration path, faster-than-projected earlier, supported by the lagged impact of tight monetary and fiscal policies, strengthening of the Sri Lanka rupee, reduction in fuel and gas prices, normalisation of food prices and the favourable impact of the statistical base effect.

“The full passthrough of the large appreciation of the exchange rate observed recently is yet to be
reflected in the price levels, and it would quicken the disinflation process, as the prices of
imported goods are expected to decline further in the period ahead.”

Economy

Sri Lanka exports down in April, trade deficit up from March, rupee stronger

Thursday June 1, 2023 7:05 am

ECONOMYNEXT – Sri Lanka’s exports fell 12.6 percent from a year ago to 849 million US dollars in April 2023, amid weaker external demand, while imports were down 15.8 percent to 1,431 million Us dollars, central bank data showed.

Exports also fell 1,037 million dollars in March 2023, amid seasonal effects.

The trade deficit expanded to 583 million US dollars in April from 412 million US dollars in March 2023. Imports were at 1431 million US dollars in April from 1,450 million dollars in March.

Imports can pick as tourism, worker remittances and net inflows to government go up.

The rupee continued to appreciate.

“Exchange rate showed a notable appreciation during April 2023 with the continued improvement in liquidity in the domestic foreign exchange market, the discontinuation of the daily guidance on exchange rates,” the central bank said.

Up to April exports were down 9 percent to 3.8 billion rupees and imports were down 28 percent to 5.2 billion rupees and the trade deficit was 1.4 billion rupees.

Investment goods imports were down in April amid a contraction in credit.

“Almost all types of goods listed under the three main investment good categories, namely machinery and equipment, building material and transport equipment, recorded a decline,” the central bank said.

Economy

Sri Lanka President discusses debt restructure, program progress with IMF

Thursday June 1, 2023 6:14 am

ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe has discussed progress of International Monetary Fund program and debt restructuring during a visit of Deputy Managing Director Kenji Okamura, statement said.

“The discussion primarily focused on the progress of the IMF program between Sri Lanka and the IMF,” a statement from President’s office said.

“Attention was also paid to the on-going debt restructuring negotiations.”

State Minister of Finance Shehan Semasinghe, Senior Advisor to the President on National Security and Chief of Presidential Staff Sagala Ratnayake was also in the meeting.

Secretary of the Ministry of Finance Mahinda Siriwardena, Central Bank Governor Nandalal Weerasinghe, Deputy Director of the International Monetary Fund Anne Marie Gulde, and Resident Representative IMF in Sri Lanka Sarwat Jahan, attended this event. (Colombo/June01/2023)