Commercial Brief
As on 15 September 2026
Embassy of India
Tallinn
Commercial Brief
Estonia is a small Baltic country (45,228 sq km) with a population of 1.3 million which is very open to the outside world. It attracts foreign investors with its good business environment, location and cost-competitive labour. It is known for innovation and research, especially in information and communications technology (ICT). Estonia has made great strides in e-governance in which it is one of the most advanced countries in Europe. Its telecommunications sector is one of the most developed in Central and Eastern Europe. Estonia is keen to invite Indian companies to use Estonia as a transit route for trade and services with Nordic/Baltic countries. Estonia has a strong information and communication technology (ICT) sector, partly due to investments in developing and expanding computer and network infrastructure. The country’s historic skills in automation and cyber security in combination with innovations in connected networks and data analytics have created a booming ICT ecosystem and startups.
2. Estonia opened a resident Embassy in New Delhi in February 2012 and Embassy of India was opened on December 28, 2021 at the Cd’A a.i. level in Tallinn.
3. During the first high level visit to Estonia in August 2019, Hon’ble Vice President Shri Venkaiah Naidu attended and addressed the Estonia-India Business Forum 2019 along with Hon’ble Prime Minister of Estonia. The accompanying business delegation of 18 Indian companies participated in the event. They also had B2B meetings with Estonian companies.
4. In July 2026, Hon’ble Minister of Commerce and Industry Shri Piyush Goyal visited Estonia with a business delegation of around 30 members, including representatives from FICCI, CII, Invest India and other Indian business organisations and companies. During the visit, he participated in the Estonia–India Business Forum and held discussions with the Estonian Foreign Minister and other government representatives on strengthening bilateral trade, investment and economic cooperation. The accompanying business delegation also engaged with Estonian companies to explore new partnerships and commercial opportunities.
Bilateral Trade (in HS2 code)
5. Total bilateral trade in Calendar Year 2025 was € 206 million (€ 139.3 million goods and € 66.7 million services). There are business opportunities for collaboration with Estonia in information technology, cyber security, block chain and related tech fields (where Estonia has good capabilities). Estonia has been trying to attract Indian IT companies to set up their data centres in Estonia. Indian companies are beginning to engage with Estonian companies, given the latter’s positioning as a gateway to EU, its prowess in cyber security and block chain. Another area which offers potential for collaboration is in green-tech including green-hydrogen and wind energy. The entire spectrum of genetics, molecular biology, biotechnology, life sciences etc. also provide possible avenues for cooperation.
Bilateral Trade in Goods (In EUR million)
Year |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
India’s Exports to Estonia |
32.87 |
31.87 |
45.61 |
30.33 |
41.00 |
93.64 |
42.10 |
81.9 |
61.9 |
73.76 |
India’s Import from Estonia |
57.75 |
86.44 |
54.19 |
64.77 |
97.80 |
123.85 |
79.70 |
76.5 |
77.4 |
31.37 |
Total Bilateral trade |
90.62 |
118.31 |
99.80 |
95.10 |
138.80 |
217.49 |
121.80 |
158.4 |
139.3 |
105.13 |
Source: Statistics Estonia (in HS2 code)
6. In 2025, India's imports from Estonia amounted to €77.4 Mln. Major items of imports from Estonia to India include electrical equipment (€21.3 Mln) woodpulp (€19.9 Mln), mechanical appliances (€6.2 Mln), aluminium and articles thereof (€4.38 Mln), iron and steel (€3.96 Mln).
In 2025, India's exports to Estonia amounted to €61.9 Mln. Major items of exports from India to Estonia include electrical equipment (€10.3 Mln), inorganic chemicals (€9.94 Mln), articles of iron or steel (€7.34 Mln), mechanical appliances (€7.26 Mln), optical, measuring precision instruments (€2.33 Mln).
7. In 2026 (up to July), India's imports from Estonia amounted to €31.37 Mln. Major items of imports from Estonia to India include electrical equipment (€13.81 Mln), iron and steel (€2.38 Mln), aluminium and articles thereof (€2.22 Mln) plastics and articles thereof (€2.14 Mln), optical, measuring, precision instruments (€1.98 Mln).
In 2026 (up to July), India's exports to Estonia amounted to €73.76 Mln. Major items of exports from India to Estonia include electrical equipment (€21.25 Mln), mechanical appliances (€20.34 Mln), articles of iron or steel (€7.11 Mln), organic chemicals (€4.96 Mln), inorganic chemicals (€4.11 Mln).
Bilateral Trade in Services (In EUR million)
Year |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 (up to July) |
India exports to Estonia |
7.7 |
8.9 |
9.4 |
8.1 |
11.80 |
19.9 |
16.1 |
20.1 |
26.0 |
15.5 |
India Imports from Estonia |
10.0 |
8.4 |
14.6 |
7.7 |
15.60 |
19.5 |
77.7 |
91.7 |
40.7 |
18.2 |
Total |
17.7 |
17.3 |
24 |
15.8 |
27.4 |
39.4 |
93.8 |
111.8 |
66.7 |
33.7 |
Source: Statistics Estonia (in HS2 code)
Total Global Trade (in HS2 code)
8. In 2025, Estonian exports of goods amounted to €18.6 Bln and total imports amounted to €22.4 Bln. The top exports of Estonia were electrical equipment (€2.75B), wood and articles of wood (€2.04B), vehicles (€1.69B), mineral fuels (€1.57B), mechanical appliances (€1.56B). Its top imports were electrical equipment (€2.98B), vehicles (€2.68B), mineral fuels (€2.14B), mechanical appliances (€2.06B), plastic articles (€860M). During the same period, the top export destinations of Estonia were Finland (€2.81B), Latvia (€2.09B), Sweden (€1.62B), Lithuania (€1.61B), and Germany (€1.41B). The top partners of consignment for imports were Finland (€2.66B), Latvia (€2.53B), Germany (€2.49B), Lithuania (€2.21B), and Poland (€1.71B).
9. In 2026 (up to July), Estonian exports of goods amounted to €9.72 Bln and total imports amounted to €13.85 Bln. The top exports of Estonia were electrical equipment (€1.68 Bln), wood and articles of wood (€1.18 Bln), mineral fuels (€1.12 Bln), vehicles (€1.03 Bln) and mechanical appliances (€1.01 Bln). The top export destinations of Estonia were Finland (€1.76 Bln), Latvia (€1.36 Bln), Lithuania (€1.04 Bln), Sweden (€985 Mln) and Germany (€832 Mln).
In 2026 (up to July), the top imports of Estonia were electrical equipment (€1.91 Bln), vehicles (€1.71 Bln), mineral fuels (€1.46 Bln), mechanical appliances (€1.34 Bln), and plastics and articles thereof (€545 Mln). The top countries for imports were Finland (€1.70 Bln), Latvia (€1.55 Bln), Germany (€1.45 Bln), Lithuania (€1.33 Bln), and Sweden (€1.04 Bln).
Indian Investment in Estonia
10. Indian investment in Estonia remains limited but growing. Indian companies have established a presence in the Estonian market and have also undertaken direct investments in the country. Reliance Industrial Investments and Holdings Ltd. (RIIHL), a wholly-owned subsidiary of Reliance Industries, established Jio Estonia OÜ in November 2018. In 2025, Indian electronics manufacturer Polymatech Electronics Limited acquired and revitalised a printed circuit board factory in Paide. Indian FDI in Estonia stands at EUR 14.2 million (source: Bank of Estonia, September 2026).
Estonian Investment in India
11. The Estonian presence in India remains concentrated in technology, electronics manufacturing, and digital services. Incap Electronics Estonia OÜ operates through Incap Contract Manufacturing Services Pvt. Ltd. with an electronics manufacturing facility in Tumakuru, Karnataka. Helmes AS has expanded its software delivery capabilities in India through its association with Solbeg. Wise (formerly TransferWise) operates in India through its local entity, while LEI Register OÜ provides LEI registration and compliance services through LEI Register India Pvt. Ltd. Estonian FDI in India stands at € 3.4 million (source: Bank of Estonia, September 2026).
Recent Bilateral Delegations
12. Delegations from India to Estonia:
13. Delegations from Estonia to India:
14. Estonia-India Business Forum
There exists an agreement establishing a Joint Business Council (JBC) between FICCI and Estonian Chamber of Commerce (KODA.
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