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.
In 2022, the value of goods exported to Spain was 185 million euros, which made the country Estonia’s 20th trade partner. Compared to the previous year, exports from Estonia to Spain increased by nearly 46%. The value of goods imported from Spain was 278 million euros.
Estonia’s main exports to Spain are mineral fuels, 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, and plastic products.
More information is available on the website of Statistics Estonia.
As of 30.09.2022, Spanish direct investments in Estonia were 37 million euros, and the volume of Estonian direct investments in Spain was 243.5 million euros.
Additional information can be found on Bank of Estonia’s website.
Spain’s interest in the e-residency program is on the rise. As of February 2023, nearly 4,300 Spanish citizens are e-residents, who in turn have created nearly 1,700 companies. Interest in Estonia’s e-state and convenient e-services is growing noticeably.
Spain is a very popular destination among Estonian tourists, and Spanish tourists are increasingly finding their way to Estonia, although there is still some way to go to reach pre-pandemic numbers.
In 2022, according to the Bank of Estonia, the total number of visits by Estonian residents to Spain was 75,706, and the total number of visits by Spanish residents to Estonia was 42,492.
There are currently direct flights from Tallinn to Barcelona (twice a week), starting from April to Malaga (1-3 times a week) and additionally seasonal flights to Tenerife. Additional information can be found on the Tallinn Airport website.