A grand shift in thought patterns is taking place in USA following the change of administration the importance of which for the Estonian economy cannot be overestimated, James York writes.
U.S. imports were down 6 percent last year, while Estonian export to the U.S. grew by 15.5 percent to €1.123 billion. While various trends speak of panic in the marketplace, Estonia’s growing trade with one of its most important strategic allies speaks of hope, cooperation and opportunity.
Looking at the U.S. market more broadly, we saw a sharp spike in demand for gold and things made of gold toward the start of the crisis, with sales volumes growing fifteenfold at peak times. The import volume of masks and disposable protective suits grew by three and 1.7 times respectively.
The import volume of speakers, microphones and headphones growing 42 percent and that of video game consoles 35 percent was less surprising. Import of timber and sawn materials also grew 38 percent.
These changes can be explained through the emergence of the new demographic of people working from home office preparing for the long-term effects of the coronavirus crisis. Demand grew for furniture, with home offices and garden houses expanded. People procured video conferencing equipment and family entertainment.
Read more: ERR.EE