Word: imported
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...reserves in the late 1970's. Despite the impending boom, the coal industry can still be considered a "sick industry" whose symptoms are a very high incidence of wildcat strikes and absenteeism, obsolete capital stock, and a long-standing reliance on government paternalism in the form of subsidies and import quotas...
...probably also incorrect for OPEC to compare ?or link?the price of the oil that they export with the goods they import. Many of the products that OPEC nations buy are either agricultural goods, whose prices are set by a highly volatile market based on supply and demand, or sophisticated manufactured goods, in which the price represents raw material costs, labor, machinery and R. and D.?and then is kept as low as possible by the pressure of international competition. Even when the U.S. attempted, unsuccessfully, to limit its agricultural output, the purpose was to prevent market prices...
...nation has suffered as much as India. This year it will spend about $1.3 billion (approximately two-thirds of its foreign currency earnings) to import oil, compared with $265 million last year...
Inflation, especially of oil prices, pushed the U.S. trade deficit in August to $1.1 billion, the worst red-ink figure for any one month ever. According to Commerce Secretary Frederick Dent, the nation imported 10% less oil in August than it did a year earlier-but paid $1.7 billion more for what it did import. Higher prices for foreign steel and paper also added significantly to the import bill, underscoring the point that American consumers are being hurt by overseas inflation as well as by the domestic variety...
Second, the export-import credits were cut off after Chile defaulted on the loans that it had already had, and the bilateral aid was affected by the Hickenlooper amendment...