Business Relations

Bilateral commercial relations have gradually developed, having stabilised in the last years. That said, there is plenty of room for growth of exports and investment between the two countries.

Commercial trade

In 2017, 117,8 million euros worth of goods was exported from Estonia to Spain. During the same period, imports amounted to 181,3 million euros.

In 2017, Spain was Estonia’s 17th largest trade partner, making up 1,1% of Estonia’s total trade.

Estonia’s main exports to Spain are machinery and equipment, timber and wood products, plant products, vehicles, means of transportation and chemical products.
Estonia’s main imports from Spain include vehicles, means of transportation, ready-made food and drink, textile products, machinery and equipment and plant products.

Investments

As of 31.12.2017, Spanish direct investments to Estonia amounted to 60.4 million euros.

Spanish direct investments in Estonia represent approximately 0.2% of all direct investments to Estonia. Most of the investments were in wholesale and retail trade, manufacturing, real estate and finance and insurance. The largest Spanish-owned company in Estonia is Fersa Energias Renovables SA. One of the biggest investments done by Spain is Marbella Club Hotel SA in the tourism sector, who bought the Schlössle Hotel Group AS.

By the end of 2017, Estonian investments in Spain amounted to 101 million euros. The biggest investments were in real estate, finance and insurance and wholesale and retail trade.

Tourism

Spain remains a popular destination for Estonian tourists, although more frequent and direct flight connections would certainly further improve this.
In 2017, the total number of visits by Estonian tourists to Spain was 97 241. The average stay lasted for 7 days.

According to Statistics Estonia, the number of Spanish tourists in Estonia is growing consistently, probably as the result of Spanish economic growth as well as interest in new, historically exciting and safe destinations. Naturally, Estonia’s accession to the European Union in 2004 provided a strong impetus for the increase of tourism and a new growth in the number of Spanish tourists came in 2011, when Tallinn was the European Capital of Culture.

In 2017, the total number of Spanish visits to Estonia was 121 205 – almost 20 000 more than the year before (2016 – 102 979). The average visit was 3 days long.