Import of vehicles down by 50% last year

The Central Bank report for 2012 shows there was a 50% reduction in import of motor vehicles last year. The report indicates when compared with the previous year the import expenditure for vehicles came down to US$495 million or was reduced by 43.8% in 2012.

Imposing high taxes for imports and the devaluation of the rupee caused the reduction of import expenditure for vehicles point out the report. It is also stated the total import expenditure came down to 5.4% during 2012.