Word: exportation
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Among the hardest hit are American rice growers. Iraq bought about $143 million worth of the staple from the U.S. in fiscal 1989 -- or 25% of the U.S. export total. The embargo came as painful news for producers, since world prices for rice had fallen 28% during the previous year. Nor are rice growers the only farmers feeling the pinch. Before the invasion, Baghdad was buying $350 million worth of other U.S. grains annually, including wheat, corn, barley and soybeans...
...billion in unpaid Iraqi bills, German banks about $2 billion. The embargo also leaves 40 German companies stuck with $2 billion in debt on business deals that have been partly completed but not paid for. Some of those losses will be covered by Hermes Kreditversicherung AG, the German state export-insurance program, but as much as $1.2 billion in trade with Iraq and Kuwait is not insured. Large diversified conglomerates like Daimler-Benz, Mannesmann and Ferrostaal can absorb such shortfalls, but smaller firms with proportionately larger exposure are talking about hardship and calling for a government bailout...
...Britain, exports to Baghdad might have matched last year's $732 million, which were supported by a $628 million government-guaranteed line of credit announced by the Department of Trade and Industry in November 1988. At the time, DTI Minister Tony Newton said the government was nearly doubling the export credit line because of the ministry's confidence in the "long-term strength of the Iraqi economy...
...banks have also been put up for sale. Since 1989, when he set out to liberalize foreign-investment regulations, $5.2 billion in new capital has flowed into Mexico, along with consumer goods once unavailable. Salinas has also rectified a dangerous reliance on oil, which produced 78% of Mexico's export income in 1982. Today it accounts for less than...
...short, for European carmakers Japan is becoming an export market like any other, only more so. Clearly a market in which a company can go from zero to a $1 billion-a-year business in less than a decade is worth the effort. And how are the U.S. companies doing in Japan? Not well. Total 1989 sales of the U.S. Big Three automakers combined were only about 3,500 more than Rover...