May 14, Colombo: Sri Lanka's Rice imports fell 34.4 percent to US$ 23.5 million in February 2018 from a year earlier, as harvest came in and domestic prices eased, official data showed.
Sri Lanka's rice imports surged from the second quarter of 2017 as the government cut import duties when a drought slashed the industry.
In 2017 Sri Lanka's rice imports stood at US$ 300.9 million, up from just US$ 12.8 million a year ago.
However Sri Lanka had a better main cultivation season where harvests started to come around in the first quarter, Economynext reported.
Sri Lanka also cut taxes on potatoes and onion as prices went up. However, with local products coming to the market, the Taxes on onions and potatoes have already been raised.