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September 05, 1980 - Image 40

Resource type:
Text
Publication:
The Detroit Jewish News, 1980-09-05

Disclaimer: Computer generated plain text may have errors. Read more about this.

THE DETROIT JEWISH NEWS

40 Friday, September 5, 1980

From the Conference
of Presidents of Major
American Jewish Organizations

NEW YORK — Despite

Nu?
Pizza in a Skillet
from Chef Boyardee®!

Chef Boyardee ® Pizza in a Skillet is the fast, convenient way to
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rising inflation at home, Is-
rael made outstanding pro-
gress during the first half of
1980 in reducing imports,
increasing exports and nar-
rowing its trade deficit. This
is the conclusion to be
drawn from figures just re-
leased by the country's Cen-
tral Bureau of Statistics.
Indeed, were it not for the
soaring cost of - imported oil,
Israel's exports would al-
most balance its imports —
a remarkable accomplish-
ment for a country beset by
the Arab economic boycott.
The strong economic
medicine prescribed by Fi-
nance Minister Yigael Hur-
witz appears to be having its
intended effect. The statis-
tics tell the story.
The most significant
index of the vitality of Is-
rael's economy is the spurt
in exports. In the first half of
1980, exports of Israeli
goods totaled $2.6 billion,
an increase of 29 percent
over the previous year. Ex-

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INVITATIONS?

Israeli Economy Is Achieving Balance

All earthly delights are
sweeter in expectation than
in enjoyment; but all
spiritual pleasures more in
fruition than in expecta-
tion.

k Very Happy & Healthy New Year

Specials Good Thru September 10th

lb.

19

ports of industrial goods
other than diamonds rose by
36 percent, exports of
polished diamonds in-
creased by 19 percent and
agricultural products by 15
percent.
Imports other than oil
decreased by some four
percent to $2.8 billion.
But a close look at the
figures explains this rela-
tively modest decline.
Consumer goods imports
were actually reduced by
27 percent. At the same
time, imports of raw
diamonds for Israel's re-
vitalized diamond polish-
ing industry rose shar-
ply, from $404 million in
the first half of 1979 to
$598 million in the first of
1980, an increase of 48
percent. The result is that
— excluding oil imports
— Israel's trade deficit
declined by 83 percent
during the first half of
this year compared with
the same period a year
ago.
The real villain in Israel's
economic picture is the
ever-rising cost of imported
oil, which more than dou-
bled over the previous year
— from $571 million in the
first half of 1979 to $1.2 bil-
lion in the first half of 1980.
The result was an overall
rise in imports of 16 percent
over the same period in
1979, to $4 billion.
If 1980 oil prices had been
the same as in 1979, Israel's
trade deficit for the first half
of the year would not have
been $1.4 billion but $706
million, a relatively neglig-
ible sum. Yet even with the
doubling of the price of oil,
Israel is doing far better
than anyone (including its
own economic forecasters)
had expected.
The price of oil amounts
to a kind of "OPEC tax" that
has placed a barely toler-
able burden not only on Is-
rael but on the far stronger

-

Hattie Schwartz

economies of the U.S.,
Japan and West Germany
(among others), generating
substantial unemployment
throughout the indus-
trialized world.
Israel, despite her prob-
lems, has improved her
trade figures this year suffi-
ciently to accommodate the
latest increases in the price
of oil without widening her
trade deficit and without
causing widespread unem-
ployment. And that is no
small achievement.

HUM

— Of Course!

(Hebrew Copy Available)

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SHOWS? MUSIC?
ENTERTAINMENT?
Seymour Schwartz

— Of Course!

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• CAPT. JAY ROBERTS, WJR
• BILL MEYER ORCHESTRA
• DANCERS • COMICS
• APE • STROLLERS

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The Manufacturers and Distributors of

Bill Is Aimed
at Nazi Havens

WASHINGTON — Rep.
Clarence D. Long (D-Md.),
chairman of the House
appropriations subcommit-
tee on foreign operations,
has introduced a bill in
Congress that would cut off
foreign aid to countries
sheltering Nazi war crimi-
nals.
Rep. Long says his bill is
aimed specifically at
Paraguay, which is believed
to be hiding Dr. Josef
Mengele, Auschwitz's
"angel of death"; Brazil for
hiding Gustav Wagner, "the
hangman of Treblinka";
and Bolivia, where it is be-
lieved that Klaus Barbi,
"the butcher of Lyons" is
hiding.

Saudi Threat

NEW YORK — A Kuwait
newspaper reported this
week that Saudi Arabia has
threatened to cut oil produc-
tion by one million barrels
per day unless the U.S.
pressures Israel into resci-
nding the Jerusalem Basic
Law formalizing the fact
that Jerusalem is a united
city. 117: I r

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Best Wishes for a

Happy & Prosperous

NEW YEAR

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