Word: exporters
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Many Japanese businessmen are enthusiastic about what they see as a potentially profitable opportunity to link Japan's export-oriented economy to a China in desperate need to acquire modern technology and expertise. Still, the Japanese business community wonders how the Chinese will pay for their gigantic import program. Since the early 1970s, China has been making most of its major purchases from Japan on credit. Because Peking has inadequate foreign-currency reserves, the Japanese must either grant loans or buy Chinese oil. Both solutions present pitfalls for Japan. Peking has hinted it wants the type of cheap loans, repayable...
Meanwhile a strike by 37,000 oil refinery workers cut Iran's oil export flow by more than half. The oil workers' demands include more money and freedom for political prisoners...
...back to Puerto Rico. On any night, airliners buzz over the Statue of Liberty filled with returning or visiting Puerto Ricans who can afford the $87 fare. At Christmas, there is a two-month waiting list for night-flight seats to San Juan. Successful Puerto Ricans often prefer to export their new affluence. Says John Torres, head of the Metropolitan Spanish Merchants Association in The Bronx: "We don't vote enough nor do we get involved in the political process. I know many, many people who have two dreams: to have a house in Puerto Rico and to educate...
Heavily dependent for income on one export (copper), landlocked Zambia had gone along with the U.N. sanctions at considerable cost. The 1,160-mile Tazara railway, built by the Chinese as an alternative to routes through southern Africa, never became fully operational, because of theft, widespread mismanagement and frequent breakdowns in equipment. Zambia, already suffering from falling world copper prices, found it increasingly difficult to get the metal to markets. Skyrocketing prices and continual shortages of such vital goods as soap, matches and cooking oil created popular unrest and encouraged political opposition to Kaunda's less-than-democratic regime...
...being lowered. The experience of the U.S. visitors was sobering. Quick fix trade deals like the one negotiated last January between the U.S. and Japan and whirlwind tours of businessmen are no way to solve the critical imbalances in world trade caused by Japan's insatiable urge to export and parsimonious reluctance to import. In fact, such cosmetic exercises only give the illusion that something is being done and delay the looming showdown when Japan is finally forced to realize that it cannot indefinitely disrupt the balance of trade in the world without itself suffering the consequences...