Sri Lanka’s new motor vehicle registrations dipped 24.4 percent Year-on-Year (YoY) to 128, 126 units in 2012 amid higher import duties and slow economic growth.

The registration of motor cars saw a steep fall of 45.5 percent YoY to 26, 340 units in 2012 while registration of buses and three wheelers also fell 27.1 percent and 28.6 percent respectively.

The registration of motor cycles fell 24.1 percent to 61, 047 units while registration of good transport vehicles fell18.2 percent 2, 471 units.

During the early part of 2012, the government imposed new taxes of as much as 100 percent the import value on most of the imported motor vehicles to ease congestion on roads and reduce the oil import bill to avert a balance of payment crisis.

According to analysts, the number of new vehicles registrations would have been much less if not for concessionary vehicle permits enjoyed by the country’s public sector officials.