Thailand’s Ministry of Commerce has revealed the unexpected leaders of the Thai economy and promising areas for business development and investment.
The Department of Business Development, Ministry of Commerce of Thailand, has unveiled a list of the ten most profitable types of businesses in 2023. According to an analysis of financial reports of companies operating in various sectors, the top revenue leaders were battery and electric vehicle equipment manufacturing, tourism, home appliances, pet care and several other industries.
Auramon Suphavithum, director general of the department, said this analysis is being conducted to assess the growth areas of businesses in the country. ‘We are closely monitoring trends in registering new businesses by analysing the financial statements of legal entities registered in Thailand as of 30 June 2024,’ she explained.
Here’s what the top 10 most profitable business sectors in Thailand look like:
- Battery and electric vehicle equipment manufacturing, including electronic printed circuit board manufacturing, reached 2.09 trillion baht (up 13.2 per cent).
- Tourism – 0.85 trillion baht (up 36.3%).
- Household appliances – 0.65 trillion baht (up 1.09 per cent).
- Pet care – Baht 0.26 trillion (up 5.8%).
- Organising events, conferences and exhibitions – Baht 0.22 trillion (up 25.9%).
- E-commerce – 0.18 trillion baht (up 2.12 per cent).
- Cosmetics – 0.16 trillion baht (up 5.99%).
- Healthcare – 0.07 trillion baht (up 17.9%).
- Toys – 0.02 trillion baht (up 1.57 per cent).
- Businesses related to spiritual practices – 200 million baht (up 52.9 per cent).
It is interesting to note that all these business lines are in line with the current lifestyle trends of the younger generation, who are actively using technology in their daily lives and are health-conscious and environmentally conscious consumers.
In addition, the department highlighted several business groups that have shown exponential growth in 2022:
- Soybean oil production (up 9,744%);
- rock salt mining (up 3207 per cent);
- scheduled passenger transport between Bangkok and secondary provinces (up 1,095%);
- biofuel production (up 1,032 per cent);
- food retailing in stalls and markets (up 844 per cent).
Thailand’s Business Development Department emphasised that it will closely monitor developments in the Thai business sector to provide up-to-date data to companies and investors. This will help them keep abreast of the latest trends and promptly adapt to the changing commercial landscape.
It is worth noting that growth in the battery and electric vehicle equipment sector reflects the global trend towards electrification of transport. Thailand is actively seeking to become a regional centre for electric vehicle manufacturing, which explains this industry’s strong revenue performance.
Strong growth in the tourism sector (36.3 per cent) indicates the industry’s recovery from the COVID-19 pandemic. Thailand, known for its beaches, rich culture, and hospitality, remains one of the most popular tourist destinations in Southeast Asia.
It is also interesting to note that businesses related to spiritual practices showed the highest percentage growth (52.9 per cent). This may reflect the growing interest in meditation, yoga, and other spiritual practices, especially in light of the stress and uncertainty caused by global events in recent years.
Experts note that these trends can benefit large investors as well as small and medium-sized businesses looking to expand or diversify their operations. For example, growth in the pet care sector may signal the opening of new veterinary clinics, pet shops, or pet care services.
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