Word: exportability
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...kept selling oil to the U.S., his relations with Washington had been strained ever since 1973, when President Nixon blocked the sale of eight C-130 Hercules military jet-transport planes to Libya. The Arab nation had paid Lockheed $60 million for the aircraft, but Nixon denied the required export license in hopes of restraining Libya's encouragement of international terrorism...
...time when Egypt is basking in a spell of peace-induced prosperity. Thanks to the return of the Sinai oilfields, which Israel had held since the 1967 war, Egypt is now pumping 625,000 bbl. of oil per day, and this year will earn $2 billion in petroleum export revenues. Suez Canal tolls should amount to nearly $1 billion by next year, and Egyptian workers abroad currently send $2 billion per year back home. Overall, the rise in foreign-exchange earnings, from $2.6 billion in 1975 to $7 billion in 1979, has produced an impressive economic growth rate...
...lowering Argentina's once fearsome tariff walls to allow cheaper foreign goods to flow into the country. Import duties have averaged over 45%, but the goal is to reduce them to 15% by 1984. The Argentine balance of payments will remain in the red this year, despite the export of grain to the Soviet Union following the embargo of U.S. sales to that country in January in retaliation for the Afghanistan invasion. The Soviets will buy $800 million worth of grain and meat from Argentina this year...
...even more detrimental. In Kenya, says a U.N. expert, "90% of the trouble comes from bad marketing policies." Following a bumper crop of corn in 1978, the Kenya government overconfidently slashed prices paid to farmers by nearly 30% and sold more than 200,000 tons of grain on the export market. It also agreed to supply 8,000 tons of emergency food to Uganda, where the harvest had been destroyed during the chaos of Tanzania's war against Idi Amin. When last year's cereal crop fell short by 400,000 tons, largely because farmers stopped planting...
...Soviets would have to start importing petroleum before 1985. The CIA updated that study last year and said that Soviet oil output could fall as low as 8 million bbl. in 1985. If this view is accurate, the Soviet Union will soon have to halt its lucrative oil exports, including 129 million bbl. to such Western nations as Italy, West Germany and Austria. Last year petroleum was the largest Soviet export, with about $6 billion in precious foreign exchange coming from Western Europe alone. An end to oil exports, moreover, would weaken the political and economic hegemony the Soviets have...