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Blocking the route for the vast majority of Iran's petroleum exports — and for its food and consumer imports — would amount to economic suicide.
Other domestic industries are oriented toward the replacement of consumer imports, including cigarettes, matches, edible oils, margarine, beverages, soap and detergents, and clothing.
Alexandria's port became swamped by trade diverted from Port Said, and it had not fully recovered when in 1974 the Egyptian government introduced an open-door trade policy that led to a flood of consumer imports.
The result was the destruction of national industry and much of agriculture, then near-collapse in the early 1980s amid a frenzy of speculation, consumer imports and debt crisis.
"The combination of strong domestic demand and a strong dollar means we're pulling in consumer imports at a record pace," said Robert Dederick, an economic consultant with the Northern Trust Company in Chicago.
Moscow's tight monetary policy has created relatively stable prices and exchange rates, but this week's devaluation will undo some of the good by driving up the price of consumer imports and eroding confidence in the ruble.
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China's billion-plus population is the biggest consumer, importing 18 per cent of global supply.
Short-term considerations — getting the politics right (tax cuts) and speed (shovel-ready projects) — could drive the bulk of the dollars toward consumer import purchases and government highway and other conventional spending that perpetuates our energy-foolish ways.
House and Senate negotiators rejected proposals to let consumers import lower-cost prescription drugs from Canada and other countries.
The best policies seemed to be lenient dry laws, which, before federal Prohibition, allowed very limited access to legal alcohol markets by, for example, letting consumers import alcohol from a wet state.
Federal officials have expressed concerns about both types of purchases, but they say that they generally do not challenge consumers importing small quantities of prescription drugs for personal use.
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