Sri Lanka: Sri Lanka Reduces Import Duty on Maize - Corn for Six-Months Effective August 2023

The Democratic Socialist Republic of Sri Lanka’s (Sri Lanka) Ministry of Finance, Economic Stabilization and National Policies recently introduced a Special Commodity Levy for three agricultural commodities: maize (corn), black gram, and green gram, effective August 18, 2023, for a period of six-months. The Sri Lankan government notified the new regulation in the Gazette of the Democratic Socialist Republic of Sri Lanka – Extraordinary (official gazette) No. 2345/64 on August 17, 2023. The introduction of the Special Commodity Levy (SCL) on maize (corn) reduces the import duty assessed on corn from Sri Lankan Rupee (LKR) 75.00 to LKR 25.00 per kilogram. Although the reduction in import duties for corn is welcomed by the international trade, U.S.-origin exports will be minimally impacted as U.S.-origin corn prices currently are higher compared to Indian-origin ones.