Three Thai Industries Behind Half of Revenue Growth (2026)
In short
Three named Thai industries generated 48.59 percent of every baht of revenue growth Thai companies posted between 2020 and 2025. Retail sale of jewellery in specialized stores alone contributed 28.98 percent of that gain. Wholesale of metal ores and wholesale of watches and jewellery, both dominated by gold traders, supplied the rest of the trio's share. Thailand's total corporate revenue rose from 43.95 trillion baht in 2020 to 67.87 trillion baht in 2025. That gain totaled 23.92 trillion baht. Wholesale and retail trade alone captured 66.41 percent of it.
How concentrated is Thailand's revenue growth?
Three five digit industry codes answer most of the question. Retail sale of jewellery in specialized stores, wholesale of metal ores, and wholesale of watches and jewellery together produced 48.59 percent of every baht Thai companies added to revenue between 2020 and 2025, according to the DBD registry as of 14 August 2026. Jewellery retail alone, TSIC code 47732, supplied 28.98 percent of that total gain. That is more than a quarter of the entire economy's added revenue from one single code. A fourth code, manufacture of refinery petroleum products, added another 5.40 percent as fuel demand recovered from its pandemic low. Stack the ten biggest five digit codes together and they explain 62.84 percent of the national gain. Thailand's classification system holds 1,228 codes at this level of detail, so ten of them did most of the work. Two industry sections carry nearly the entire story. Wholesale and retail trade alone captured 66.41 percent of the national revenue gain. Manufacturing added another 20.48 percent. Sixteen other sections reported any revenue at all in this data. Together they split just 13.11 percent of the national gain.
Ten five digit industry codes that added the most revenue, 2020 to 2025
- 47732, jewellery retail6,934
- 46621, metal ore wholesale3,001
- 46492, watch and jewellery wholesale1,689
- 19201, petroleum refining1,291
- 46900, TSIC code not published624
- 64191, TSIC code not published392
- 47300, TSIC code not published339
- 46612, TSIC code not published286
- 55101, TSIC code not published264
- 47912, TSIC code not published212
Figures in billion baht added.
Three of the top four bars trace back to gold. Jewellery retail alone added more revenue than the next eight codes combined.
Top ten five digit codes ranked by revenue added
| TSIC code | Industry | Section | Revenue 2020, billion baht | Revenue 2025, billion baht | Revenue added, billion baht | Share of national gain |
|---|---|---|---|---|---|---|
| 47732 | Retail sale of jewellery in specialized stores | G | 1,915 | 8,848 | 6,934 | 28.98% |
| 46621 | Wholesale of ferrous and non-ferrous metal ores | G | 525 | 3,525 | 3,001 | 12.54% |
| 46492 | Wholesale of watches, clocks and jewellery | G | 910 | 2,599 | 1,689 | 7.06% |
| 19201 | Manufacture of refinery petroleum products | C | 1,897 | 3,189 | 1,291 | 5.40% |
| 46900 | Not published for 5 digit codes | G | 341 | 965 | 624 | 2.61% |
| 64191 | Not published for 5 digit codes | K | 738 | 1,129 | 392 | 1.64% |
| 47300 | Not published for 5 digit codes | G | 646 | 985 | 339 | 1.42% |
| 46612 | Not published for 5 digit codes | G | 585 | 871 | 286 | 1.20% |
| 55101 | Not published for 5 digit codes | I | 134 | 399 | 264 | 1.10% |
| 47912 | Not published for 5 digit codes | G | 115 | 327 | 212 | 0.89% |
Revenue added is 2025 revenue minus 2020 revenue for each code. Share is of the 23.92 trillion baht national gain, as of 14 Aug 2026.
Why three companies, not three industries, explain most of this
Look inside the top codes and the concentration gets tighter, not looser. Hua Seng Heng Commoditas Company Limited alone reports 5.56 trillion baht against jewellery retail code 47732's total 2025 revenue of 8.85 trillion baht. That single company holds 62.80 percent of the entire code. MTS Gold Company Limited reports 3.47 trillion baht against the metal ore wholesale code's 3.53 trillion baht total. That is 98.40 percent of the code by itself. Y L G Bullion International Company Limited holds 41.94 percent of the watch and jewellery wholesale code. None of this reads as a coincidence once global gold prices are added to the picture. Spot gold roughly doubled between 2020 and late 2025. Thai regulators moved to cap online gold trading in baht starting in March 2026, specifically because trading volume had grown large enough to push the currency around (Bloomberg, 2026). A revenue story that looks like a broad industrial expansion on the surface turns out to run through a handful of gold and bullion dealers, plus one petroleum refiner riding a fuel demand recovery. That distinction matters for anyone reading Thailand's growth numbers as evidence of a diversifying economy. The registry counts 15,036 companies under the jewellery retail code. That is just 0.76 percent of every registered company in the country. A sliver of the registry that thin produced more than a quarter of the whole economy's revenue growth.
Definitions
- TSIC code
- Thailand Standard Industrial Classification code, a five digit number that identifies a company's specific line of business within one of 21 broader lettered industry sections.
- Revenue added
- The change in aggregate reported revenue for an industry code between two statement years, calculated as the later year's revenue minus the earlier year's revenue.
- Industry section
- One of 21 lettered top level categories, such as G for wholesale and retail trade, that groups related five digit TSIC codes.
- Statement year
- The fiscal year a company's financial statement covers. The source system records it in the Buddhist calendar, which runs 543 years ahead of the Gregorian calendar, so year 2568 equals 2025.
- National revenue gain
- The sum of revenue added across every five digit TSIC code reporting revenue in either 2020 or 2025, used here as the denominator for every share figure.
Assumptions
- Only companies that filed a financial statement for a given statement year contribute to that year's revenue total, so the filer population changes year to year.
- The five digit code totals used as the national denominator capture 99.86 percent of the official national revenue gain reported directly by the registry's national aggregate table, a small gap likely from codes with data in only one of the two years.
- The registry does not publish a description field for individual five digit codes. Names shown for codes 47732, 46621, 46492 and 19201 come from an independent cross check against Thailand's TSIC 2009 classification structure and known company activity, not the internal database field.
- Section level entity counts and top filer figures are drawn from a 17 July 2026 registry snapshot, three and a half weeks earlier than the 14 August 2026 revenue by year data used for the growth calculations.
- The link between gold prices and this concentration is a plausible explanation supported by outside reporting, not something this dataset can establish on its own.
Methodology
Revenue growth per five digit TSIC industry code is the change in aggregate reported revenue between statement year 2020 and statement year 2025, drawn from the DBD registry's per code, per year aggregates as of 14 August 2026. Statement years are recorded in the Buddhist calendar in the source system and were converted to the equivalent Gregorian year before comparison. The national revenue gain used as the denominator throughout is the sum of that change across every five digit code reporting revenue in either year, 23.92 trillion baht, which sits within 0.14 percent of the 23.96 trillion baht gain reported directly by the registry's own national aggregate table. The registry's own description field for five digit codes is blank for every code. Industry names used here for codes 47732, 46621, 46492 and 19201 were confirmed independently against Thailand's published TSIC 2009 classification structure and cross checked against the real companies filed under each code, including well known Thai gold, bullion and petroleum businesses. Codes without that independent confirmation are shown by number only. Section level entity counts and top filer names come from a separate registry snapshot taken on 17 July 2026.
How we verified this
- 6,933,619,744,507.38 baht divided by 23,922,238,576,075.23 baht, the total five digit code revenue gain from 2020 to 2025, equals 28.98 percent, confirming jewellery retail's share alone.
- 6,933,619,744,507.38 plus 3,000,844,362,268.72 plus 1,689,400,938,897.03 equals 11,623,865,045,673.13 baht, and that sum divided by 23,922,238,576,075.23 equals 48.59 percent for the three named codes combined.
- Summing all ten codes in the table gives 15,033,012,891,403.54 baht, which divided by 23,922,238,576,075.23 equals 62.84 percent.
- Section G's own revenue rose from 17,614,411,688,647.88 baht to 33,500,071,738,864.02 baht, a gain of 15,885,660,050,216.14 baht, which is 66.41 percent of the national gain.
- Section C's revenue gain of 4,899,569,765,869.82 baht is 20.48 percent of the national gain, and 66.41 plus 20.48 leaves 13.11 percent for the other sixteen sections with any revenue in the data.
- 5,556,701,724,240.86 baht, Hua Seng Heng's reported revenue, divided by 8,848,365,418,737.62 baht, code 47732's total 2025 revenue, equals 62.80 percent.
- 43,945,461,348,108.63 baht summed across all reporting five digit codes in 2020 and 67,867,699,924,183.86 baht in 2025 gives a gain of 23,922,238,576,075.23 baht, which is within 0.14 percent of the 23,956,325,653,094.92 baht gain reported directly by the national aggregate table for the same two years.
References
- Department of Business Development. (2026). Registered juristic persons and financial statement aggregates. Ministry of Commerce, Thailand. https://www.dbd.go.th/
- National Economic and Social Development Council. (2019). Exposition of the transition from Thailand Standard Industrial Classification. NESDC. https://www.nesdc.go.th/wordpress/wp-content/uploads/2025/06/04-article_file_20190521111537.pdf
- Bloomberg News. (2026, March 1). Thailand imposes gold trading limits to curb baht gains and speculation. Bloomberg. https://www.bloomberg.com/news/articles/2026-03-01/thai-gold-trading-curbs-take-effect-as-authorities-rein-in-baht
Frequently asked questions
Which single industry contributed the most to Thailand's revenue growth between 2020 and 2025?
Retail sale of jewellery in specialized stores, TSIC code 47732, contributed 28.98 percent of the total revenue gain, more than any other five digit industry code in the country.
How much of Thailand's revenue growth came from gold and jewellery trading?
The three industries most directly tied to gold and jewellery, jewellery retail, metal ore wholesale, and watch and jewellery wholesale, together supplied 48.59 percent of the national revenue gain from 2020 to 2025.
Is this growth spread across many companies or concentrated in a few?
It is concentrated. Hua Seng Heng alone reports 62.80 percent of the jewellery retail code's 2025 revenue. MTS Gold separately reports 98.40 percent of the metal ore wholesale code's own revenue.
Why do most of the top ten codes in the table not have an industry name attached?
The registry does not publish a description field for five digit TSIC codes. Names are shown here only for codes independently confirmed against Thailand's TSIC 2009 classification structure and the real companies filed under them.
Cite this page
Chatpong L. (2026). Three Thai Industries Behind Half of Revenue Growth (2026). Max Data Insights. https://maxdatathailand.com/insights/how-few-industries-drove-thailands-revenue-growth-2026
Data & corrections
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Written by
Chatpong L.Founder, Max Data, Max Solutions Co., Ltd.
Chatpong L. leads Max Data, a company-intelligence platform built on Thailand's official business registry. He writes about the structure of the Thai economy using primary registry data. His work covers company formation, industry concentration, and regional business activity.
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This page reports company-level and aggregate statistics only. It names no individuals and makes no claims about any person. Figures are provided for information and may be revised as source data updates.