Customs crosses 65% of July revenue target

Sri Lanka Customs collected over 65% of its monthly revenue target during the first 14 days of July, indicating the island nation will likely outperform its target for the seventh consecutive month.

Official data showed that the revenue body secured 125.2 billion rupees within the first two weeks of the month, against a set July revenue target of 192.4 billion rupees.

The department already exceeded monthly targets for six straight months and achieved 68.2% of the annual target by July 14.

Accelerated container clearance via digital scanning helped reduce corruption and fast-track processing times.

Last year, the agency amassed a record 2,551 billion rupees in revenue, surpassing the revised target of 2,241 billion rupees and marking a 64.2% increase over the previous year's collection of 1,553 billion rupees.

The target for this year sits at 2,207 billion rupees, which is 13.5% lower than last year due to an anticipated drop in vehicle imports.

Stronger enforcement, improved valuation practices, and a rebound in import volumes after years of contraction drove the significant jump in collections.

Following the 2022 economic crisis, imports plummeted as the country enforced restrictions to preserve foreign exchange.

However, collections from import duties, excise, and other levies rose due to stabilised reserves, the relaxation of certain import controls, and a steady recovery in consumer demand.

Tighter monitoring of under-invoicing and misdeclaration of goods also aided state revenue growth.

The combined impact of increased import activity, currency movements, and stricter enforcement positioned the department as a top revenue source for the Treasury in 2025, providing a vital cushion as the state works to meet fiscal targets under the IMF-supported program.