Madrid

Bilateral economic relations with Spain have developed gradually on a growth course, but there is room for improvement both in increasing the export of Estonian companies to Spain and in increasing investments from Spain in Estonia. Estonian entrepreneurs are often interested in various large international business fairs held in Spain, for example, they actively participate in the Smart City Expo and the Mobile World Congress in Barcelona. Additional information about their latest participation can be found here and here.

Commercial trade

In 2023, the value of goods exported to Spain was 203 million euros, which made the country Estonia’s 19th trade partner. Compared to the previous year, exports from Estonia to Spain increased by nearly 19%. The value of goods imported from Spain was 310 million euros, which made the country Estonia’s 15th trade partner.

Estonia’s main exports to Spain are grain, electrical equipment, wood and wood products, and motor vehicles.

Estonia’s main import items from Spain are motor vehicles, iron and steel, electrical equipment and machinery.

More information is available on the website of Statistics Estonia.

Investments

As of 0.09.2023, Spanish direct investments in Estonia were 50,3 million euros, and the volume of Estonian direct investments in Spain was 301,6 million euros.

Additional information can be found on Bank of Estonia’s website.

Spain’s interest in the e-residency program continues to rise. As of February 2024, nearly 6,000 Spanish citizens are e-residents, who in turn have created nearly 2,400 companies. In 2023, Spanish e-residents founded the most new companies in Estonia (678).

Tourism

Spain is a very popular destination among Estonian tourists, and Spanish tourists are increasingly finding their way to Estonia.

In 2023, according to the Bank of Estonia, the total number of visits by Estonian residents to Spain was 89 463, and the total number of visits by Spanish residents to Estonia was 53 904.

There are direct flights from Tallinn to Barcelona (2 x a week) and Malaga (2-3 x a week) and additionally seasonal flights to Tenerife and Gran Canaria. Additional information can be found on the Tallinn Airport website.