Commercial and Economic Relations between Turkey and Estonia

The bilateral trade volume between Türkiye and Estonia amounted to 286 million Dollars in 2019. The effect of the pandemic has been limited in 2020 and bilateral trade has fallen to only 245 million Dollars in 2020 (Turkish exports: 79 million Dollars; imports: 166 million Dollars). Trade numbers have recovered quickly in 2021 and by November, bilateral trade volume increased to 321 million Dollars (Turkish exports: 117 million Dollars; imports: 204 million Dollars).

Main Turkish exports to Estonia are iron and steel commodities, road vehicles and shoes; whilst main imports from Estonia are tramp iron and steel, electrical machinery, accessories and jewelry parts made of precious metals.

Direct investments from Estonia to Türkiye in the period of 2002-2021 (October) amounted to 11 million Dollars. Turkish direct investments in Estonia in the same period were 3 million Dollars.

Turkish Akınal Group established a factory named “Aston Synthetic” in Tallin with an investment of 14 million Dollars in 2018. With this investment, the company won the “Foreign Investor of the Year” prize at the “Best Estonian Enterprises 2018”, the most prestigious entrepreneur competition in Estonia.

Türkiye ranks 12th as to the number of applications (around 3260) to Estonia’s e-residence programme; and 4th as to the number of firms (more than 1000) established this way.