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Latin America's share of Soviet Third World imports was high (40 percent in 1982) because of large imports of Argentine grain. As the Soviet Union's main grain supplier, Argentina was the Soviet Union's most significant import partner in the Third World in 1980, 1981, and 1983.
This ministry maintained control over the planning and operation of foreign trade through main administrations for imports and exports and for certain large geographical areas, as well as through foreign-trade corporations holding monopolies for specific commodities or services. [1]
A major strength of the Soviet economy was its enormous supply of oil and gas, which became much more valuable as exports after the world price of oil skyrocketed in the 1970s. As Daniel Yergin notes, the Soviet economy in its final decades was "heavily dependent on vast natural resources–oil and gas in particular".
In the United States, CoCom compliance was implemented by various statutes authorizing the President to regulate exports, including the Export Control Act of 1949, the Export Administration Act of 1969, the Export Administration Act of 1979, the Arms Export Control Act (AECA), the Trading with the Enemy Act, and the International Emergency Economic Powers Act, among others.
Carter also recalled the US Ambassador Thomas J. Watson from Moscow, [98] suspended high-technology exports to the Soviet Union [97] [99] and limited ammonia imports from the Soviet Union. [100] According to a 1980 paper, the grain embargo hurt American farmers more than it did the Soviet economy.
Because of the Soviet agricultural system, the cold climate, and frequent irregular droughts, crop failure was common in the Soviet Union. [1] [2] The problem was heightened by the fact that climate problems prevented much of the arable land in the USSR from being farmed, [3] so only some of the land in the black earth belt was suitable for ...
The State also set up Torgsin stores that sold scarce goods in exchange for foreign currency, gold, silver, and other valuables. The purpose of these stores was to expand Soviet hard currency reserves so that the country could import more equipment for the industrialization drive. Since these goods were scarce, consumers viewed them as treasure ...
Soviet Union – was a socialist state on the Eurasian continent that existed from 1922 to 1991. A union of multiple subnational Soviet republics, its government and economy were highly centralized. The Soviet Union was a one-party state, governed by the Communist Party with Moscow as its capital.