Association spokesman said importers are already facing mounting pressure in securing foreign exchange and placing fresh import orders as the Rupee continues to depreciate.
He warned that the situation could worsen further following India’s decision to temporarily suspend sugar exports from May 15 until September 30, creating additional pressure on Sri Lanka’s import market.
According to the Association, Sri Lanka has now been forced to seek sugar supplies from alternative countries including Brazil, Thailand and several European nations due to its heavy dependence on Indian sugar imports.
The spokesman noted that while India has not restricted exports of refined sugar, the product is significantly more expensive than normal sugar and would add further burden on consumers already struggling with rising living costs.
He said sugar orders from Brazil have already been placed, but shipments are expected to take at least two months to arrive due to lengthy shipping routes and logistical challenges.
The Association also warned that if the Rupee weakens further against the Dollar, importers may struggle to obtain the foreign currency needed to continue importing essential commodities.
Despite concerns over supply disruptions, the Association stated that current sugar stocks available in the country are sufficient for approximately two months.
Importers cautioned that the ongoing currency depreciation and rising global import costs could trigger another increase in food prices in the coming weeks.
