Sri Lanka is set to ease import restrictions on various goods, excluding vehicles, in October, according to State Minister of Finance Shehan Semasinghe.

Currently, these restrictions apply to 600 HS codes (Harmonized System codes).

Semasinghe highlighted that this move aims to stabilize prices, as certain products have seen price hikes due to limited supply caused by import restrictions.

Last year, the Sri Lankan government imposed import restrictions on 1,465 items in response to the economic crisis.

However, over time, many of these restrictions have been lifted in separate phases.

Official data indicates that Sri Lanka’s total import spending in 2022 amounted to over $18 billion, marking an 11.4% decrease from the previous year.