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Entries in Exports (8)

Wednesday
Nov142012

Iranian Oil Exports Continue to Fall

Comstock/Thinkstock(NEW YORK) -- There is further evidence that financial sanctions and an embargo on Iranian oil imposed by the U.S. and the European Union are having a crippling effect on Iran’s economy.  The sanctions were imposed to compel Tehran to negotiate its nuclear program.

A report released by the International Energy Agency shows Iranian exported 1.3 million barrels per day in October, down from an average of 2.3 million barrels per day last year.

According to The Telegraph, the decline represents a daily revenue loss of $109 million at the current price of oil.  That adds up to $33 billion in losses so far this year.  That $33 billion represents approximately 30 percent of Tehran’s government’s budget for 2012/2013.

The drop in oil exports is a direct result of the embargo and financial sanctions that make it harder for Iran to insure its tankers and get paid for oil sales.

In addition to falling oil exports, the country’s oil production total has also dropped dramatically.  This past June, Iran was the second-biggest oil producer in OPEC, behind Saudi Arabia.  In October, it fell to fourth place, behind Iraq and Kuwait, and continues to fall.

The loss of oil revenue has forced Iranian President Mahmoud Ahmadinejad to slash government subsidies on a number of everyday essentials, including food and cheap gas prices for Iranian citizens.

Iran’s parliament was scheduled to discuss the subject of subsidy reform on Tuesday but delayed the discussion until March 2013.

Copyright 2012 ABC News Radio

Wednesday
Oct242012

Iran Now Threatening to Cut Off All Oil Exports

iStockphoto/Thinkstock(TEHRAN, Iran) -- Iran warned the international community that if sanctions tighten further over its rogue nuclear program, Tehran will be left with no choice but to stop all oil exports.

If that happens, Iranian Oil Minister Rostam Qasemi said that prices of oil across the world will skyrocket.

Since August, Iran has seen its exports drop by 300,000 barrels daily because of U.S. and European Union sanctions.  This has caused prices of everyday items to soar, leaving many Iranians grumbling about how long the government can sustain such damage to the economy.

Petroleum experts believe that if Tehran moves ahead and halts all exports, the rest of the world will be able to manage but not Iran.

One analyst said that Iran would wind up "sanctioning itself," which is tantamount to economic suicide.

Copyright 2012 ABC News Radio

Tuesday
Mar132012

Obama Pressures China Over Access to Rare Earth Minerals

iStockphoto/Thinkstock(WASHINGTON) -- President Obama Tuesday stepped up efforts to enforce U.S. trade rights with China, announcing new plans to challenge China’s export limits on rare earth and other minerals key to high-tech manufacturing.

“We want our companies building those products right here in America. But to do that, American manufacturers need to have access to rare earth materials which China supplies,” the president said at the White House Rose Garden.

“Now, if China would simply let the market work on its own, we’d have no objections. But their policies currently are preventing that from happening. And they go against the very rules that China agreed to follow,” he said.

In an effort to level the playing field, the United States, Japan and the European Union are pressing the World Trade Organization to force China to ease its restraints on exports of rare earth, which is crucial to the production of hybrid batteries, wind turbines and cellphones.

The president cast the move as part of his broader effort to enforce global trade rules.

“Our competitors should be on notice: You will not get away with skirting the rules,” he said. “When we can, we will rally support from our allies. And when it makes sense to act on our own, we will.”

The White House action comes as the president faces election-year attacks from his Republican rivals for not being tough enough on Beijing. While the administration prefers dialogue to tackle trade issues, the president made clear Tuesday that “when it is necessary, I will take action if our workers and our businesses are being subjected to unfair practices.”

The administration denied politics were involved in Tuesday’s announcement.

“The fact is we’ve been at this for three years because it’s the right thing to do,” White House press secretary Jay Carney told reporters.

Copyright 2012 ABC News Radio

Sunday
Feb192012

Iran Halts Oil Shipments to Britain and France

Digital Vision/Thinkstock(TEHRAN, Iran) -- Iran halted export of oil to Britain and France in response to sanctions imposed on the country by the European Union.

The oil ministry made the announcement on their website on Sunday. The EU imposed the sanctions against Iran last month to pressure the nation to stop developing a nuclear program. While Iran says they are intending to build new energy sources, EU nations and the United States believe the nation wants to use the program to build nuclear weapons.

Iran's oil exports to EU nations consist of nearly 20 percent of their oil shipments but a spokesperson said on the ministry website that the country can export to new customers.

It is unclear why Britain and France were singled out among the 27 EU countries.

Copyright 2012 ABC News Radio

Wednesday
May252011

Japanese Exports Plummet 12.5 Percent in April

Comstock Images/Thinkstock(TOKYO) -- In yet another example of the economic impact the March 11 earthquake and tsunami has had on Japan, the country's finance ministry reported Wednesday that Japanese exports fell 12.5 percent  in April, marking the biggest drop in 18 months.

Imports, on the other hand, went up 8.9 percent, causing the first deficit in trading in three months, according to the government.  It was also the first trade deficit in 31 years for the month of April.

The finance ministry said car shipments took the biggest hit, falling 67 percent for the month.

Copyright 2011 ABC News Radio

Friday
Apr292011

Obama Administration Sanction Bans Export of Aircraft Parts Used by Syrian VIPs

Stockbyte/Thinkstock(WASHINGTON) -- The Department of Commerce's Bureau of Industry and Security (BIS) Friday announced it had taken action to prohibit the export of parts for small VIP passenger aircraft used by the leadership of the Syrian government.

Since the U.S. controls the licensing of U.S. origin parts for these planes, it has the right to ban their export from the U.S. to Syria, or their “re-export” from other countries to Syria. 

The move was done as part of the Obama administration’s effort to sanction leaders of the Syrian government in response to  their violent crackdown and human rights abuses against demonstrators. A statement from the BIS called the export or re-export of those parts “contrary to the foreign policy interests of the United States.”

The move impacts four relevant licenses for exports and reexports of parts to these planes, which are small civilian aircraft used by Syrian leaders.

The Obama administration said this was being done as a reaction “to the commission of human rights abuses related to political repression in Syria.”

Copyright 2011 ABC News Radio 

Thursday
Apr142011

Ivory Coast to Resume Chocolate Exports Following Civil Unrest

Jack Hollingsworth/Photodisc/Thinkstock(ABIDJAN, Ivory Coast) --- The African nation of Ivory Coast, the world’s biggest cocoa producer, announced plans Wednesday to resume shipments of the delicious commodity after civil unrest halted exports, causing cocoa futures prices to rise to their highest level since 1979.

Approximately 400,000 tons of cocoa have accumulated on docks in Ivory Coast cities since the country fell into turmoil over President Laurent Gbagbo, who refused to resign and admit defeat after losing a national election.

Gbagbo was finally ousted Monday after opposition forces, supported by French and United Nations troops, captured him in the capital city of Abidjan.

International sanctions halted cocoa exports as part of an effort to choke off Gbagho’s economic resources and force him from office.

His successor, President Alassane Ouattara, who is internationally recognized as the winner of the election, told reporters that cocoa exports would resume immediately.

Copyright 2011 ABC News Radio

Friday
Nov122010

Obama in Japan: Asian Markets Critical to Economic Growth, Job Creation 

Photo Courtesy - Getty Images(YOKAHAMA, Japan) -- On his last stop of his 10-day Asian tour, President Obama said that that America’s security and prosperity is “inextricably linked” to that of Asia and increasing U.S. exports will create American jobs.

“In today’s interconnected world, what happens in Japan or China or Indonesia also has a direct effect on the lives and fortunes of the American people,” he said at the APEC CEO summit in Yokahama, Japan.

The president said his goal of doubling U.S. exports in the next five years is directly related to job creation in America.

“With every $1 billion we sell in exports, five thousand jobs are supported at home,” he said. “And jobs supported by exports pay up to 18 percent higher than the national average.”

Yet the president failed to find support.  The president failed to convince the South Koreans to open their markets to American beef and cars - at stake $10 billion in exports and 70,000 American jobs. He failed to push Chinese President Hu Jintao to change policies that make it cheaper to manufacture in China by artificially building up the dollar and holding down Chinese currency.  And with a $227 billion dollar trade deficit with China, Mr Obama was unable to convince the other G20 leaders to agree to use stronger language on currency manipulation in the joint declaration or firm actions on trade imbalances.

Mr. Obama once again warned that nations with large trade surpluses cannot depend on exports to U.S. consumers, noting that the recent economic crisis taught a harsh lesson on the limits of that strategy.

“Going forward, countries with large surpluses must shift away from an unhealthy dependence on exports and take steps to boost domestic demand,” he said. “No nation should assume that their path to prosperity is simply paved with exports to America.”

Copyright 2010 ABC News Radio







ABC News Radio