Sri Lanka: Sri Lanka's Foreign Exchange Crisis Driven Import Control Regulations

On April 9, 2022, the Sri Lankan government issued the Imports and Exports (Control) Regulations No. 06 (2022). These regulations affect several food and non-food commodities. Food and agricultural products impacted by the measure include fish and fish products; dairy products; fruits (fresh and dried); cereal grains; starches; chocolate and other foods containing cocoa; pasta; couscous; fruit juices; prepared cereals; beers, wines, and spirits; and tobacco. An importer intent on importing any of the food and agricultural products specified in the Import and Export (Control) Regulations No. 06 (2022) must have a valid license issued by the Controller General of Imports and Exports Control prior to the shipped-on board date of the bill of lading/airway bill of the consignment. The licensing fee varies by commodity and is assessed on cost-insurance-freight (CIF) basis. The government has introduced quantitative and price restrictions on imports to discourage the import of non-essential commodities.