Word: glutting
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...automobile population is a mere 10,000 among 19 million citizens). Khrushchevian "goulash"-the consumer goods that all Eastern European governments now crave-is evident but still in short supply. Because of economic planning that, despite reforms, is still harshly controlled from the top, there may be a glut of pineapple and an absence of avocado. Shoe prices can soar as high in Hungary as a week's wages ($33) and fall correspondingly
...some international good deeds. He bought a surplus field-hospital unit, including ambulance, from the U.S. Government, took it to Russia with every intention of providing medical treatment for the peasants. But when he discovered the famine in the Volga region, he told the Soviets that there was a glut of wheat in the U.S. and thereupon made a deal. For American wheat he bartered Russian furs, hides and caviar. Recalls Hammer: "Lenin called me to the Kremlin and said: 'We don't need doctors. We need Americans to do other things.' " Hammer became sales representative...
...Mines: "That's something that the companies will have to prove." Anyway, the Venezuelans seem willing to sell less oil for more money. In the Organization of Petroleum Exporting Countries (OPEC), they have been leading a campaign to assign production quotas in order to cut the worldwide glut of oil and thus strengthen prices...
...West Germans had accepted Bulgarian tobacco in exchange for cigarette-paper machinery, processed much of the tobacco into cigarettes that were sent back to Bulgaria; the Bulgarians shipped them on to Russia in payment for more machinery. Sometimes, the trade is not so simple. Lebanon, burdened by a glut of apples, managed to swap some to Jordan in exchange for 40 army tanks, and would like to trade more to Britain in payment for VC 10 jets. Although the British are anxious to sell their jets to Lebanon's Middle East Airlines, they are not wild about those apples...
...glut has dropped most European steel prices toward their lowest level in ten years, yet the cost of production keeps rising. West German plants are forced by Bonn to use uneconomical coal from the Ruhr instead of cheaper U.S. imports; the difference causes a pricing disadvantage of up to $5 a ton in competition with incoming Dutch and Italian steel. Steel imports, as one result, have climbed from 15% of German sales to 25% in the past five years. French steelmakers must import 25% of their coke, pay a 15% to 20% duty...